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.”