Northmarq has arranged $51.25 million in acquisition financing for Rose Canyon Business Park in San Diego, a 15-building, 233,000-square-foot property purchased by Vertical Ventures from an undisclosed seller. Nathan Prouty and Briana Harney of Northmarq were successful in providing the buyer with a wide variety of debt options that maximized proceeds and allowed for term flexibility to execute their business plan after the acquisition.
Rose Canyon Business Park is located on Morena Boulevard just north of Downtown San Diego and consists of 150 tenants across 38 acres. In-place rents are significantly below market value with 50% rollover expected within the first year allowing Vertical Ventures to carry out their valued add business plan over three years under a flexible floating rate loan structure provided by Northmarq’s Prouty & Harney team . Hamid Rezapour , founder at Vertical Ventures commented: “The Northmarq team was successful in providing us with a wide variety of debt options that were accretive to our business strategy.”
