Watermark II, a 158K SF Class-A office building in San Diego, has secured a $57M construction loan.
NorthMarq Capital's San Diego office Senior Vice President Mike Dobbins arranged the loan, which as structured with a five-year term, the first three of which are interest-only, followed by a 25-year amortization schedule. NorthMarq arranged the financing through its relationship with a regional bank.
“The lender is a local regional bank and provided the most competitive terms. The borrower is an owner-user which previously developed a neighboring Class-A office building they also occupy,” Dobbins said in a statement.
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