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8/31/15
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Aaron Beck of NorthMarq Capital’s San Diego regional office secured acquisition financing of $6.843 mil for the purchase of a 41k sf office building in San Diego. The property is located at 9715 Business Park Ave, south of Carroll Canyon Rd and east of I-15.
The buyer plans to complete an extensive rehab of the vacant building followed by a comprehensive lease-up program. The planned renovation, designed with the corporate tenant in mind, will include an updated and expanded lobby, upgraded landscaping, and all new tenant improvements.
The short-term loan was structured with extension options and interest only payments. It includes funds for the acquisition of the building and future funds for repositioning of the asset.
The financing is structured to maximize the borrower’s returns with its high loan-to-cost and attractive interest rate. The borrower incurs minimal penalty for executing their business plan ahead of schedule, but also has the flexibility to extend the timing should the execution take longer than expected.
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