LOS ANGELES (November 30, 2017) – Joe Giordani, vice president of NorthMarq Capital’s Los Angeles office, secured the $7.5 million refinance of a 169,000 sq. ft. industrial property located in Santa Ana, California. The transaction was structured with a fully-amortizing 15-year fixed rate loan. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company. The property was built in 1996. Despite being more than 20-years old, the building still meets and exceeds the specifications of most of today’s newly constructed properties.
“The client was looking for a non-recourse, fully-amortizing, 15-year fixed rate loan in order to take advantage of low interest rates and have a free-and-clear asset at the end of the loan term,” said Giordani. “Our life company correspondent was able to get comfortable given the steady history of the tenant, the quality of the building, and the low leverage nature of the loan. We were able to lock rate at application and close the loan smoothly without any unforeseen issues. This is typical of doing a life company execution.”