Office - Debt

NorthMarq Capital

NorthMarq Capital’s San Diego office arranges $14.7 million in acquisition financing for office building in La Jolla, California

SAN DIEGO (January 5, 2017) – Steve Hollister, senior vice president of NorthMarq Capital’s San Diego-based regional office, arranged acquisition financing of $14.7 million for a 54,291 sq. ft. office building located in La Jolla, California. The transaction was structured with a 10-year term, with three years of interest-only payments, followed by a 25-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company.

“The lender is a premier correspondent life insurance company represented by NorthMarq Capital,” said Hollister. “They provided the best rate and three years of interest only. Transaction terms were 60 percent LTP ($271 psf), 3.44 percent, fixed for 10-years and non-recourse.”

NorthMarq Capital, the largest privately held commercial real estate financial intermediary in the U.S., provides debt, equity and commercial loan servicing through over 300 mortgage banking professionals in regional offices coast-to-coast and services a loan portfolio of more than $52 billion. In select markets, the company offers multifamily and manufactured housing investment sales through NorthMarq Multifamily. As a leader in capital solutions through long-term relationships with life companies, CMBS platforms and local, regional and national banks, the company also has a long track record of multifamily loan origination through Freddie Mac, Fannie Mae and FHA/HUD. For more information please visit www.northmarq.com.