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:

• NorthMarq completes $18.5 million bridge loan for hotel-to-multifamily conversion in San Gabriel, California
• NorthMarq finalizes $10 million refinance of Lambert Industrial in Fullerton, California
• NorthMarq negotiates $3.4 million refinance of mixed-use property in San Juan Capistrano, California