Northmarq’s Los Angeles office arranges $3.75M acquisition loan for Costa Mesa office property

COSTA MESA, Calif. — Northmarq’s Los Angeles Debt + Equity team led by Karl Weidell secured $3.75 million in acquisition financing for a 18,133-square-foot general office property located at 2729 Bristol St. in Costa Mesa, California.

Northmarq arranged the loan on behalf of the borrower, a local partnership, through a repeat banking relationship for high confidence delivery and certainty of execution. The transaction was structured on a five-year term, an interest-only period and a competitive coupon.

“At 50% loan-to-value in a highly desirable coastal market, this transaction was a straightforward decision,” said Weidell. “The borrower received offers to sell above the contract price during escrow. Costa Mesa’s upzone overlay provides additional long-term development potential, which the borrower plans to evaluate.”