LOS ANGELES (December 16, 2014) – Robert R. Hervey, executive vice president/managing director of NorthMarq Capital’s Los Angeles based regional office finalized the $7.15 million refinance of Tide Court Industrial, a 432,000 sq.ft. property located at 1685 Tide Court in Woodland, California. The transaction was structured with a 10-year term and 25-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company.
The building is 83 percent leased of which 15 percent is on month-to-month tenancy. With a conservative loan amount and a strong borrower, the lender was able to close the loan without leasing escrows. Major tenants include Clark-Dietrich Building Systems LLC and Johnston’s Trading Post, Inc.
“The borrower is strong and very experienced in the ownership and management of bulk industrial buildings,” said Hervey. “That, combined with a great existing relationship with the lender, made this a good deal for all parties involved.”