SAN DIEGO (November 5, 2015) – Michael Dobbins, senior vice president of NorthMarq Capital’s San Diego office arranged the $19.95 million refinance of class “A” office property consisting of 61,547 sq. ft. located in La Jolla, California. The transaction was structured with a 10-year term with 3-years interest only followed by a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a CMBS lender.
“The financing enabled the borrower to reduce the rate on their existing debt by almost 100 basis points for ten years,” explained Dobbins. “Although the market was turbulent, the lender provided the borrower with very aggressive pricing.”