Industrial

NorthMarq Capital secures $18 million refinance of industrial property located in Los Angeles, California

LOS ANGELES (November 30, 2017) – Michael Elmore, executive vice president of NorthMarq Capital’s Los Angeles regional office, finalized the $18 million refinance of a 354,809 sq. ft. industrial property located at 1444 South Alameda Street in Los Angeles, California. The transaction was structured with a 5-year term on a 25-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a life insurance company.

“This loan recapitalized a previous transaction from 2010,” noted Elmore. “The new loan allowed one of the four buildings to be released without a loan pay down. The buildings are all leased to a long-term tenant but with less than three years remaining on the lease term. This leasing risk was mitigated without cash collateral. The overall loan structured allowed the owner to have a flexible business plan.”

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.