NorthMarq Capital arranges $6.5 million refinance of Julian Building in San Diego, California

SAN DIEGO (June 10, 2016) – Marty Meagher, senior vice president and Gardiner Champlin, senior vice president of NorthMarq Capital’s San Diego-based regional office, arranged the $6.5 million refinance of Julian Building, a 23,996 sq. ft. mixed-use property located at 615 and 629 J Street in San Diego, California. The transaction was structured with a 10-year term with 1-year interest only followed by a 30-year amortization. The lender arranged a 7-month forward rate lock. The Gaslamp Quarter is a 16 ½ block historical neighborhood in downtown San Diego, California. “This was the second downtown San Diego financing for our borrower by our correspondent life company,” said Meagher. “The lender was comfortable providing a seven month forward rate lock to match the maturity of the existing financing. The conservative leverage request, desirable downtown San Diego location and familiarity with the sponsorship allowed the lender to meet the borrower’s needs comfortably.”