Office

NorthMarq Capital’s San Diego office arranges financing for a class “A” office building located in La Jolla, California

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.”

NorthMarq Capital, the largest privately held commercial real estate financial intermediary in the U.S., provides debt, equity and commercial loan servicing through its 36 offices across the U.S. The company has built long-term relationships with life companies, CMBS platforms and local, regional and national banks, with a long track record of multifamily loan origination through Freddie Mac, Fannie Mae and FHA/HUD. The company closes approximately $13 billion in commercial real estate loans annually and services a loan portfolio of more than $50 billion. For more information please visit www.northmarq.com.