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.”
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.