Northmarq Lines Up Construction Loan for Garden-Style San Diego Apartments
Northmarq’s San Diego Debt + Equity team, led by Aaron Beck, Bryce Quezada, Conor Freeman and Wyatt Campbell, arranged a $66.15-million construction loan for Palm & Hollister Apartments, a proposed 198-unit garden-style multifamily community located at 555 Hollister St. in San Diego.
The team arranged the financing on behalf of Ambient Communities through Northmarq’s relationship with Genesis Capital. The transaction was structured with a three-year initial term and includes the option to roll into a mini perm upon completion of construction.
“This was a very competitive process, with multiple quotes received. Genesis Capital ultimately won the business by providing up to 75% loan-to-cost and structuring a few key terms for the borrower, including the deferral of equity at an attractive interest rate,” said Beck. “The loan was also negotiated on the borrower’s behalf to allow them to take advantage of the declining short-term interest rate environment. This was a seamless execution between Genesis and Ambient Communities, resulting in a closing in approximately 60 days.”
On December 4th, find out what’s really happening in today’s deal ecosystem at Connect Southeast Multifamily when the industry’s leaders unpack where capital is going, how underwriting is evolving, and what creative financing strategies are gaining traction in this shifting landscape. Register to be there at www.ConnectSEMF2025.com
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout