Northmarq Secures Fannie Mae DUS Financing for National City Apartments
Northmarq’s San Diego Debt + Equity team, led by Aaron Beck and Bryce Quezada, arranged $13.275 million in financing for Talas Apartments, a newly constructed 48-unit multifamily garden community located at 2114 E. 7th St. in National City. Northmarq arranged the refinance on behalf of KIRE Group through the firm’s in-house Fannie Mae DUS platform. The permanent fixed-rate loan is structured on a five-year term with full-term interest-only payments.
“This was an all-around great execution for our client as a first-time agency borrower,” Beck said. “The near-stabilization structure allowed the sponsor to exit their construction loan into a fixed-rate permanent loan, return significant equity to their investors, and meaningfully boost monthly cash flow. In a fluctuating rate environment, being able to lock rate and fund prior to reaching stabilized occupancy was a significant win.”
Built in 2025, Talas Apartments offers studio, one- and two-bedroom units with modern finishes, in-unit washers and dryers, and private balconies or patios.
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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