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.”