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SD Office Campus Expansion Gets $57M in Financing

NorthMarq Arranges Construction Loan for Watermark II Project
February 1, 2018
NorthMarq Capital’s San Diego office has arranged a $57.12 million construction loan for Watermark II, a new Class A office building in the city’s Scripps Ranch submarket.

Mike Dobbins with NorthMarq arranged the construction financing on behalf of the borrower, placing the loan package through a regional bank. The loan was structured with a five-year term, the first three of which are interest-only, followed by a 25-year amortization schedule.

While NorthMarq did not name the borrower, Watermark II is a 158,000-square-foot, six-story structure being built for MedImpact Healthcare Systems, Inc. at 10159 Scripps Gateway Ct., along with a four-level parking structure.

  Related News: Healthcare Has Healthy Impact on San Diego Real EstateJANUARY 29, 2018  |  LOU HIRSH

The new property will be the second office building for the expanding MedImpact, a provider of pharmacy benefit management services whose original headquarters is located next-door and was completed in 2010 in conjunction with developer Sudberry Properties. A recent Sudberry release noted that the new office building recently had its ground-breaking and is slated for completion in December 2018.

Sudberry Properties is the development and construction manager for the new 5.17-acre Watermark II project. The development team also includes Hanna Gabriel Wells architects, GroundLevel Landscape Architecture and Swinerton Builders.

Lou Hirsh, San Diego Market Reporter  CoStar Group   
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