LOS ANGELES, CALIFORNIA (May 8, 2019) – Joe Giordani, senior vice president/senior director of NorthMarq’s Los Angeles-based regional office arranged acquisition financing of $10.5 million for 2888 Loker Avenue, an 80,659 sq. ft. office property located at 2888 Loker Avenue East in Carlsbad, California. The transaction was structured with a 25-year fully amortizing loan. NorthMarq arranged financing for the borrower, Carlsbad Office Tech Center, LLC through its correspondent relationship with a life insurance company. Built in 2007, the property features modern architectural finishes and efficient design. The 99 existing suites surround a lush tropical outdoor atrium with outdoor covered walkways and exterior suite entrances.
“This office property was a perfect addition to the sponsor’s portfolio and the attractive interest rate we were able to achieve made the investment all that more attractive,” said Giordani.