Northmarq’s San Diego office secures $58.5 million bridge loan for apartment property located in Las Vegas, Nevada
SAN DIEGO (January 6, 2022) – Eric Flyckt, managing director and Casey Allred, vice president of Northmarq’s San Diego office, secured a $58.5 million bridge loan for the acquisition and renovation of a 312-unit apartment property located in Las Vegas, Nevada. The non-recourse bridge financing was arranged for the borrower through a debt fund and closed in less than 60 days from term sheet. The property will undergo an exterior and interior renovation.
“In addition to the acquisition funds, the loan will provide the borrower with 100 percent of the capital needed to complete the renovation,” said Flyckt. “The loan was structured with full-term interest-only payments and a 5-year term including extensions.”
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