NorthMarq Capital arranged $4.62 million mortgage for 13601 Kornblum in Hawthorne, California

LOS ANGELES (April 15, 2013) – Mark Grace, vice president of NorthMarq’s Los Angeles regional office, arranged first mortgage refinancing of $4.62 million for 13601 Kornblum, a 58-unit, market-rate multifamily property located in Hawthorne, California. Financing was based on a 5-year term and a 30-year amortization schedule. NorthMarq arranged this financing for the borrower through its relationship with a regional bank. This transaction has a 5-year hybrid loan program with flexible prepayment, a variable rate tail and cash out to the borrower. The borrower had the ability to lock rate at application or defer to commitment with limited capped closing costs at less than $7,000. “With a focus on the rapidly growing portfolio in the dynamic single-family housing market, the borrower sought cash out, lowest rate, non-recourse financing on a portfolio of multifamily assets,” said Grace. “NorthMarq sourced most competitive terms through a local bank relationship and was able to deliver 3.5% rate with minimal costs to close. The bank advanced additional cash out upon favorable results found in due diligence.”