NorthMarq Capital's Los Angeles office arranges $8.925 million acquisition loan for Victor's Square in Los Angeles, California
LOS ANGELES (July 21, 2016) – Michael T. Elmore, executive vice president/managing director of NorthMarq Capital’s Los Angeles-based regional office, arranged a purchase money loan of $8,925,000 for Victor’s Square, a 15,400 sq. ft. retail property located at 1915 & 1921 North Bronson Avenue in Los Angeles, California. The transaction was structured with a 5-year term and 25-year amortization schedule. The lender provided the highest leverage non-recourse quote with a flexible prepayment structure. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company. “Aetna was able to make a high loan per square foot deal on this unanchored strip center in Hollywood and close the loan on terms required by both the buyer and seller.” said Elmore. “This fixed rate five year deal is open at par during the last three loan years to coincide with the buyer’s value-add strategy.”
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 an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
