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Our Newport Beach office provides a complete range of options for all types of commercial real estate financing. We can arrange commercial mortgages for any type of commercial property through our unmatched network of lending partners. In addition, we offer investment sales for multifamily and manufactured housing properties. Call our local office to learn more.

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Orange County Q3 Multifamily Market Report: Orange County Maintains Tight Vacancy Levels

Highlights:

Orange County Multifamily market report snapshot for Q3 2020
  • The Orange County multifamily market showed signs of weakening in the third quarter for the first time since the pandemic struck. Asking rents recorded a notable pullback, while the vacancy rate held steady.
  • In each of the first three quarters this year, the local vacancy rate has been 3.6 percent. Year over year, vacancy has tightened 30 basis points.
  • Current asking rents are $1,958 per month, down 2 percent from the second quarter. The quarterly retreat shifted year-over-year measurements into negative territory; asking rents in Orange County have declined by 1.2 percent in the past 12 months.
  • Sales velocity in Orange County is typically modest, and COVID-19 has further stalled activity in the investment market. In the few deals that have closed, prices and cap rates have remained relatively steady compared with last year’s numbers.

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Inland Empire Q3 Multifamily Market Report: Operational Strength Spurring Investor Interest

Highlights:

Inland Empire Multifamily market report snapshot for Q3 2020
  • The Inland Empire multifamily market outperformed its California peers in the third quarter. Local rents held steady, while vacancy inched lower.
  • After rising 50 basis points from the final quarter of 2019 to the second quarter this year, multifamily vacancy got back on track. In the third quarter, the vacancy rate dipped 10 basis points to 3.7 percent.
  • Apartment rents ended the third quarter at $1,459 per month, 3.4 percent higher than one year earlier.
  • The multifamily investment market picked up steam in the third quarter. Prices also increased, bringing the year-to-date median to approximately $234,900 per unit.

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Inland Empire Q2 Market Report: Activity Forecast to Gain Momentum in the Second Half

Highlights:

Inland Empire Multifamily market report snapshot for Q2 2020
  • The Inland Empire multifamily market posted healthy levels of absorption and rent growth in the first half of 2020, although an active period of deliveries drove the local vacancy rate higher.
  • Multifamily vacancy rose 20 basis points in the second quarter, reaching 3.8 percent. Year over year, the rate is up 50 basis points.
  • While vacancy has crept higher, the Inland Empire has still recorded some of the healthiest rent growth in the country. Asking rents ended the second quarter at $1,454 per month, 4.4 percent higher than one year earlier.
  • The investment market cooled in the first half, repeating a trend that has occurred in recent years. The median price is up 5 percent from the 2019 figure, reaching approximately $230,200 per unit.

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Navigating challenging conditions, NorthMarq secures over $600 million in financing in the first half of 2020 in LA-area markets

LOS ANGELES, CALIFORNIA (July 22, 2020) – During challenging market conditions due to Covid-19, NorthMarq’s Los Angeles and Newport Beach offices continued to provide real estate financing solutions for their clients by leveraging the company’s national network of buyers, sellers, equity partners, and lending sources. Year-to-date, the Los Angeles and Newport Beach office have secured more than $600 million in financing; lending sources include Fannie Mae, Freddie Mac, correspondent life company lenders, pension funds, banks, CMBS lenders, debt funds, credit unions, and other investment companies.

Joe Giordani, senior vice president/managing director of NorthMarq’s Los Angeles/Newport Beach office noted the diversity of transactions completed by their team.

“During the Covid pandemic, we’ve relied heavily on our national platform of capital sources to secure financing for both private and institutional property owners. A few examples include agency debt on apartments, bridge loans on office and retail properties, and life company lenders financing moderately leveraged stabilized properties,” Giordani said.

“The capital markets are more cumbersome to navigate given the current uncertainty due to the pandemic. NorthMarq’s decades of trusted relationships have been important to our success this year. They’ve been the key to uncovering the right capital partner and closing loans for our clients.” said Scott Botsford, vice president, debt & equity.

A few examples of recent transactions:

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Orange County Q4 Multifamily Market Report: Orange County Closes 2019 on an Upswing

Highlights:

Orange County Q4 2019 market snapshot
  • The fourth quarter was a strong period for the Orange County apartment market, with vacancy tightening and rents rising. Construction has been active as developers bring new units to the market to meet renter demand.
  • Multifamily vacancy in Orange County ended 2019 at 3.7 percent. The rate dropped 20 basis points in the fourth quarter and fell 30 basis points from one year earlier.
  • Asking rents rose 2.9 percent in 2019, ending the year at $2,000 per month. The strongest gains of the year were recorded during the fourth quarter.
  • In 2019, the median price reached $317,500 per unit, while cap rates averaged approximately 4 percent. Prices rose and cap rates compressed during the fourth quarter.

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David Blum and Joe Giordani promoted to managing director of NorthMarq’s Newport Beach office

NEWPORT BEACH, CALIFORNIA (January 29, 2020) – The Newport Beach office of NorthMarq announces the promotion of David Blum and Joe Giordani to the role of managing director. Both producers represent the culmination of NorthMarq’s commitment to training and long-term investment in developing its leadership talent.

“With my long-time co-managing director Ory Schwartz opening a Los Angeles office, a great opportunity has been created for David and Joe to accept expanded leadership roles and to increase awareness of our brand in the market,” said Michael Elmore, managing director of the Newport Beach office.

Blum’s promotion to managing director comes after 18 years with NorthMarq, during which he moved from analyst, to vice president, to senior vice president/managing director, while closing more than $2 billion in debt and structured finance transactions nationwide. He will continue to focus on delivering financing solutions to clients, while taking on more leadership responsibilities of the Newport Beach office.

“David is a long-term employee who started with us in 2002 and has consistently generated strong loan volumes, helped in recruiting new employees in both the analyst and new producer roles, and has been active in networking events promoting us outside of the company,” said Elmore.

Prior to joining NorthMarq, he worked as an environmental engineer/consultant for real estate transactions. Blum is a licensed Real Estate Professional in the state of California. Blum has served multiple terms on the NorthMarq Producer Council and is on the Board of Building Block Foundation Fund, an organization that serves under-privileged kids in the greater Orange County area.

He holds two B.S. degrees from UC Santa Barbara and an MBA from USC in Finance and Operations.

Giordani will join David and Mike to manage NorthMarq’s Newport Beach office. Along with his additional new leadership duties, he will continue to help clients fulfill their commercial and multifamily capital needs by offering debt and equity solutions through NorthMarq’s preferred life insurance correspondents, Fannie Mae, Freddie Mac, HUD, Wall Street conduits, pension funds, debt funds, banks, credit unions and other prominent capital sources.

“Joe has been with us since 2014, and his production volume has been consistently increasing each year. He has been instrumental in recruiting and training our new producers. He participates in various industry organizations and recently joined the young leaders group for the Mortgage Bankers Association, which indicates his industry leadership,” said Elmore.

Giordani joined the Los Angeles office of NorthMarq in 2014 and was selected as the “Rookie of the Year” for NorthMarq in 2015. He was promoted to senior vice president in 2018 and selected to a three-year term as a member of the company’s Producer’s Council in 2019.

Giordani is a graduate of the NAIOP Young Professionals Group and an active member of NAIOP Southern California. He is a licensed Real Estate Broker in the State of California and holds a Bachelor degree in Economics from the University of Colorado at Boulder with a minor in Business.

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Inland Empire Q3 Market Report: Activity Ticks Higher as Year-End Approaches

Highlights

Inland Empire Q3 2019 market snapshot
  • Apartment fundamentals did not change significantly in the Inland Empire during the third quarter. The vacancy rate inched higher and rents ticked up, but the market has been quite consistent throughout 2019. Deliveries should pick up in the fourth quarter, providing some modest supply-side pressure.
  • Multifamily vacancy ended the third quarter at 3.4 percent; the rate is up 20 basis points year over year.
  • Asking rents rose 0.9 percent in the third quarter, reaching $1,405 per month. During the past 12 months, asking rents have advanced 3.7 percent.
  • Investment activity in apartment properties accelerated during the third quarter, and the sales continued into the fourth quarter. The median price in sales thus far in 2019 is approximately $229,000 per unit, and cap rates have averaged 4.9 percent.

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Orange County Q3 Market Report: Vacancy Tightens as Construction Slows

Highlights

Orange County Market Snapshot for Q3 2019
  • The Orange County multifamily market strengthened in the third quarter, with rents rising and vacancy dipping below 4 percent for the first time in more than a year.
  • Vacancy fell 30 basis points from the second quarter to the third quarter, dipping to 3.9 percent. The rate is 10 basis points lower than one year ago.
  • Rent growth has been averaging slightly less than 1 percent per quarter in recent periods, a trend that continued during the third quarter. Year over year, asking rents have increased 2.8 percent, reaching $1,981 per month.
  • Sales activity was consistent from the second quarter to the third quarter, with the bulk of the activity occurring in sales of properties having fewer than 100 units. The median price thus far in 2019 is $307,000 per unit, with cap rates holding steady at approximately 4.2 percent.

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Daniel McCarthy celebrates 20 years with the company

Daniel McCarthy in our Los Angeles office celebrates 20 years with the company this week. Thanks for being part of the team, Daniel!

Congratulations Daniel McCarthy on celebrating 20 years with NorthMarq
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Los Angeles Q2 Multifamily Market Report: Vacancy Low, Rents Rising as Development Gains Momentum

Highlights:

Los Angeles Q2 2019 market snapshot
  • Multifamily properties performed well in Greater Los Angeles during the second quarter. The market benefited from a healthy pace of job growth and a dip in the delivery of new units.
  • Vacancy in Los Angeles County held steady at 3.6 percent during the second quarter; the rate is up just 10 basis points year over year.
  • Local asking rents closed the first half of the year at $2,043 per month, up 5 percent from one year earlier. Some of the strongest growth is being recorded in Downtown Los Angeles.
  • The investment market strengthened in the second quarter with transaction activity ticking up, prices rising, and cap rates compressing. Cap rates have averaged 4.4 percent thus far in 2019, but rates dipped to 4.25 percent during the second quarter.

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Orange County Q2 Market Report: Job Growth Strengthens, but Vacancy Ticks Higher

Highlights:

Orange County Q2 2019 market snapshot
  • The Orange County apartment market posted mixed performance during the second quarter. Vacancy rose and rent growth leveled off even as the employment market recorded healthy gains.
  • Vacancy rose 20 basis points in the second quarter to 4.2 percent, up 30 basis points from one year ago.
  • Rents continued to advance, although the pace of increases was more modest than in recent years. Asking rents in Orange County ended the second quarter at $1,968 per month, 2.5 percent higher than one year ago.
  • Sales activity during the second quarter was a bit lower than levels from the first three months of the year. Prices rose as larger property sales accounted for a more significant share of total activity. Cap rates have averaged 4.5 percent thus far in 2019, up from 2018 levels.

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Inland Empire Q2 Market Report: Prices Push Higher as Transaction Activity Surges

Highlights:

Inland Empire Q2 2019 Market Snapshot
  • The Inland Empire apartment market posted steady performance in the second quarter. Construction was modest, vacancy was flat and rents rose. Looking ahead to the second half of the year, construction is forecast to pick up, which is expected to push the vacancy rate higher.
  • Multifamily vacancy held steady at 3.3 percent during the second quarter. The rate is 10 basis points higher than one year ago.
  • Rents continue to trend higher at a steady pace. Asking rents rose 4 percent year over year, ending the second quarter at $1,393 per month.
  • Sales of multifamily properties gained momentum in the second quarter. The median price has risen to $228,900 per unit, and cap rates have compressed below 5 percent.

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SoCal Apartment Fundamentals Create Opportunities

Shane Shafer featured in Connect California

Southern California continues to be a market that is highly sought after. The first half of the year saw fewer sales than in recent years. This has created an even larger increase in demand from buyer and capital to buy, as investors see Southern California as a market with great fundamentals that continues to improve each quarter. We have seen that those that have a presence in So Cal want to expand their portfolios, others that do not have a presence are aggressively bidding on properties to build scale and have a presence in one of the most sought-after markets in the county.

Investors are attracted to the stability, quality assets and consistent returns they find throughout Southern California. People believe that the region is poised to withstand a correction that could possibly occur down the road better than some other areas of the country, and they also like the renter demand drivers. Job growth remains strong through the region, and people who are attracted to the Southern California quality of life continue to support a robust renter market.

Recent NorthMarq research shows consistently high occupancy levels and rising rents, both of which support continued growth in net operating incomes. Vacancy rates are hovering at 4% in Orange County; 3.6% in Greater Los Angeles and 3.3% in the Inland Empire. Los Angeles, in particular, saw annual rent growth surge to 6.1% in the first half of the year.

Investors looking to buy in Southern California understand that assets come with a pricing premium, due to the highly competitive nature of the market. Cap rates are averaging 4% in Orange County, 4.5% in Los Angeles and the low 5% in the Inland Empire. The low cap rates are a testament to just how well the market is performing, and the further drop in interest rates is likely to put even more downward pressure on cap rates.

The current climate that includes low interest rates, strong fundamentals and a competitive buyer pool are all signs that suggest the second half of the year is shaping up to be a very active investment marketplace.

There continue to be good opportunities for both buyers and sellers. Sellers are enjoying the competitive bid environment. Every assignment that NorthMarq is working on these days is generating multiple bidders.

Buyers like the continued strength they see in fundamentals, which is supporting greater confidence that the market is not at the peak for rents, and there is still opportunity ahead to increase rents and net operating income.

This story appeared on July 25, 2019 in the Orange County section of Connect California. Click here

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Orange County Q1 Multifamily Market Report: Steady Apartment Performance Prevails in Orange County

Q1 2019 Market Indicators for Orange County, California multifamily market

Highlights:

  • The Orange County multifamily market was very steady during the first quarter of 2019. Vacancy was unchanged from the preceding quarter and rents rose. The pace of deliveries slowed, but there are several projects that are slated to be delivered in the coming quarters.
  • Vacancy held steady at 4 percent, matching the rate from both the third and fourth quarters of 2018. The current rate is 30 basis points higher than one year ago.
  • Rent growth in Orange County continues to rise at a consistent pace. Asking rents have advanced 3.4 percent year over year, ending the first quarter at $1,961 per month.
  • Sales activity in the first quarter lagged levels from preceding periods. The median price in the first quarter was approximately $235,800 per unit, while cap rates averaged 4.4 percent.

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Greater Los Angeles Q1 Multifamily Market Report: Steady Renter Demand Fuels Tightening Vacancy and Rising Rents

Q1 2019 multifamily market report for Greater Los Angeles

Highlights:

  • The Greater Los Angeles apartment market benefited from steady renter demand and a slowdown in supply growth during the first quarter. Deliveries slowed, but the development pipeline is quite full, and developers are likely to bring thousands of new units to the market by the end of this year.
  • The vacancy rate in Los Angeles County has remained in a very tight range for the past several years and stability is likely to persist in the coming quarters. The rate fell 10 basis points in the first quarter reaching 3.6 percent. Year over year, vacancy is up 10 basis points.
  • The local multifamily market continues to record rent increases. Asking rents rose 6.1 percent in the 12-month period ending in the first quarter, reaching $2,029 per month.
  • Investment activity slowed to start 2019, following a strong 2018. A drop in the number of Class A property sales was the primary driver of the sales dip. The median price in the first quarter was $225,000 per unit, while cap rates averaged 4.5 percent.

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Inland Empire Q1 Multifamily Market Report: With Fundamentals Strong, Investment Activity Likely to Gain Momentum

Highlights:

Q1 market indicators for Inland Empire multifamily market
  • After a strong close to 2018, the multifamily market in the Inland Empire got off to a slower start during the first quarter of this year. Some of this is attributable to a more modest rate of employment expansion; the pace of job growth is expected to gain momentum going forward.
  • Apartment vacancy ticked up 20 basis points during the first quarter, reaching 3.3 percent. The rate is up just 10 basis points from one year ago.
  • Asking rents ticked up during the first quarter, rising to $1,370 per month; rents are up 3.8 percent year over year.
  • Sales activity to start 2019 was slower than in recent periods and was concentrated in apartment complexes with fewer than 100 units. The median price dipped a modest 3 percent during the first quarter, while cap rates ticked up 20 basis points to the low 5 percent range.

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NorthMarq’s Los Angeles office announces addition of new vice president Scott Botsford

LOS ANGELES, CALIFORNIA (May 2, 2019) – NorthMarq’s Los Angeles office welcomed Scott Botsford to its production team. In his new role as vice president, Botsford will specialize in commercial and multifamily real estate finance and capital advisory services. He has the ability to service his client’s various financing strategies, through NorthMarq’s preferred life insurance correspondents, Wall Street conduits, Fannie Mae, Freddie Mac, HUD, debt funds, banks, credit unions and other prominent lenders.

“We are excited to have Scott as part of the team, he has a proven track record and fully understands real estate finance. Whether meeting the demands of our Orange County clientele or assisting with regional and national-wide financing, he will be a great addition to our office,” said Michael Elmore, executive vice president/managing director.

Botsford has been active in the commercial real estate capital markets industry for more than 10 years. Prior to joining NorthMarq, he worked for a regional mortgage banking company, specializing in structured finance. Before his mortgage banking experience, Botsford served as the Director of Acquisitions & Finance for an institutional real estate investment company.

“Scott’s prior experience makes him a perfect fit for our company and office. With the extensive platform that NorthMarq offers, we are looking forward to Scott growing his business and providing his existing clients and future clients with the full array of financing options,” said Ory Schwartz, senior vice president/managing director of NorthMarq’s Los Angeles office.

He is a licensed Real Estate Broker in the State of California and holds a Bachelor degree in Public Policy, Management and Planning from the University of Southern California.

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CoStar presents NorthMarq with 2018 Power Broker Awards for Top Sales Broker and Top Sales Firm

CoStar recently announced its 2018 Power Broker Awards, celebrating the top CRE firms and brokers in the United States. NorthMarq’s Shane Shafer, managing director of NorthMarq’s Los Angeles office and Taylor Snoddy, managing director of NorthMarq’s Dallas office were recognized as Top Sales Broker in their markets. NorthMarq’s Phoenix and Dallas offices each earned a place in the ranks of Top Sales Firms in their markets.

Shafer and Snoddy were recognized for achieving high levels of sales transaction volume in their regions. The Top Sales Broker award distinguishes individuals based on the CoStar market in which the individual is located and is calculated using pricing information from closed sales transactions contained in CoStar’s COMPS database.

See Shafer’s listing here.

See Snoddy’s listing here.

The Phoenix and Dallas offices were listed due to their high levels of sales transaction volume in 2018. The Top Sales Firm award is bestowed upon recipients based on the CoStar market in which the company is located and is calculated using pricing information from closed sales transactions contained in CoStar’s COMPS database.

See the Phoenix listing here.

See the Dallas listing here.

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