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4/14/15
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NorthMarq Capital arranged acquisition and rehab financing of $9.96 mil for Monarch Cottages, a medical office building in La Jolla. The borrower plans to convert the vacant building into a Class A memory care facility.
The loan provides interest-only payments with a floating rate, and minimal recourse. NorthMarq’s Aaron Beck arranged the financing through the firm’s relationship with a debt fund.
“The borrower required a loan structure for an asset class that very few lenders were able to accommodate,” said Beck. “The loan provides the necessary structure and funds for both acquisition and construction.”
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