NorthMarq Capital’s regional San Diego office SVPs Marty Meagher and Gardiner Champlin have arranged $6.5M to refinance the 24k SF Julian Building in Downtown SD. The 10-year loan is interest-only for one year, followed by a 30-year amortization schedule. The lender also arranged a seven-month forward rate lock to match the maturity of the client’s existing financing.
Located at 615 and 629 J St, the mixed-use building is centrally located in the 16 ½ block of the Gaslamp Quarter, Downtown SD’s historic district. The two-story, Italianate-style property houses historic live/work lofts and retail tenants.
“This was the second Downtown San Diego financing for our borrower by our correspondent life company,” Marty says. “The conservative leverage request, desirable downtown San Diego location and familiarity with the sponsorship allowed the lender to meet the borrower’s needs comfortably.”
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