Northmarq arranges $5.4M in cash-out permanent financing for two Southern California commercial properties
Los Angeles, CA. — Northmarq’s Los Angeles Debt + Equity team of Charlie Fischer, Juda Penini and Mike Antonacci arranged $5.4 million in permanent fixed-rate financing for two commercial properties in Southern California. The proceeds retired the borrower’s existing bridge loans and returned equity to the borrower.
The financing covers two well-located assets on established Westside and Valley commercial corridors. 11528 Ventura Boulevard is a free-standing retail property on Studio City’s main commercial street, one of the San Fernando Valley’s strongest retail corridors and 2908 Nebraska Avenue is an 8,811-square-foot single-tenant office property in Santa Monica’s Bergamot creative office district, near the Metro E Line.
Both loans were placed with a single lender and carry five-year fixed-rate terms. Northmarq was able to navigate environmental issues and secure a competitive rate along with prepayment flexibility and cash-out proceeds.
“Many owners coming off bridge loans are facing cash-in refinances in today’s rate environment,” said Fischer. “This borrower took equity off the table instead. They also replaced short-term floating debt with long-term fixed-rate financing. Placing both loans with one lender and working through the environmental issues early made that possible. For owners with maturing bridge or construction loans, there is still a path to permanent financing that recaptures equity rather than requiring more of it.”
Northmarq continues to help commercial property owners across Southern California refinance out of bridge financing into long-term permanent debt.
Meet our team
Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $80 billion and has completed $91.3 billion in transactions over the past four years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide.
