PCR LP is the borrower of record in a deal structured by Minneapolis-based NorthMarq Capital's San Diego office. Dan McCarthy, vice president and senior producer in San Diego, has arranged the financing package through First Union Capital Markets Group.
The fully leased building, designed with 15 offices, is located north of downtown in a submarket bearing an 11.7% vacancy. According to first quarter reports, the Mission Gorge office market had a net absorption of 7,279 sf out of its .76 million sf inventory.<PNorthMarq's San Diego office is one of eight regional offices in the operation that services an $8-billion loan portfolio on behalf of 50 institutional investors.
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