Northmarq’s San Diego Debt + Equity team has secured a permanent loan for Talas Apartments, a newly completed multifamily community in National City. The team, led by Aaron Beck and Bryce Quezada, arranged $13.275 million in financing for the 48-unit garden-style property at 2114 E. 7th St. The assignment involved refinancing an existing construction loan into long-term, fixed-rate debt.
Northmarq executed the refinance on behalf of KIRE Group using the firm’s in-house Fannie Mae DUS platform. The loan is structured as a five-year permanent facility and features full-term interest-only payments. According to the parties, the structure allowed the sponsor to replace short-term construction financing with agency debt while the asset was near stabilization, rather than waiting for full stabilized occupancy.
Aaron Beck described the outcome as a strong first execution with an agency lender for the client. He noted that the near-stabilization structure enabled KIRE Group to exit its construction loan, return a significant amount of equity to investors, and improve monthly cash flow at the property. In an environment characterized by fluctuating interest rates, the ability to lock a fixed rate and fund prior to stabilized occupancy was highlighted as a key element of the transaction.
Talas Apartments was built in 2025 and delivers a mix of studio, one-bedroom, and two-bedroom units. The community offers modern unit finishes, in-unit washers and dryers, and private balconies or patios for residents. The property is configured as a garden-style community, aligning with demand for newer multifamily product in its local market. The refinance positions the asset with longer-term, fixed-rate financing as it continues its lease-up and operational ramp.
