NorthMarq Capital arranges acquisition financing of $3.055 million for mixed-use property in Los Angeles
24th & Vermont
LOS ANGELES (May 12, 2016) – David Blum, senior vice president/senior director of NorthMarq Capital’s Los Angeles-based regional office, arranged acquisition financing of $3.055 million for 24th & Vermont, a 19,280 sq. ft. mixed-use property located at 451-467 North Western Avenue in Los Angeles, California. The transaction was structured with a 10-year term with 3-years interest only followed by a 27-year amortization. NorthMarq arranged financing for the borrower through its relationship with a regional bank. “This was a very full proceeds loan for a mixed-use property well-located in Koreatown,” said Blum. The first three years are interest-only, enabling the sponsors to re-position the asset.”
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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 $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
