NorthMarq arranges $6.4 million refinance of office property in Newport Beach, California
NEWPORT BEACH, CALIFORNIA (January 24, 2020) – David Blum, senior vice president/managing director of NorthMarq’s Newport Beach-based regional office, secured the $6.4 million refinance of a 15,089 sq. ft. office property located at 100 Newport Center Drive in Newport Beach, California.
“The spec-construction bridge loan for a future tenant, coupled with the existing ground lease added to the challenge of getting this transaction completed.”
- David Blum
Financing Details:
- 3-year term with two 12-month extension options for one percent fee per extension
- 3-years of interest-only payments
- NorthMarq arranged the permanent-fixed loan for the borrower through its relationship with a bridge/mezzanine lender.
Property Details:
- The property is currently vacant.
- The office building was originally built in 1975 is currently being renovated.
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Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. Through the 2022 acquisition of Stan Johnson Company, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit www.northmarq.com.
