Northmarq secures $5 million refinance of 115,316-sq.-ft. industrial facility in Inland Empire
LOS ANGELES (Feb. 21, 2024) — Ory Schwartz, managing director of Northmarq’s Los Angeles and Miami Debt + Equity teams, has secured the $5 million refinance for a 115,316-sq.-ft. industrial property in Ontario, California. Built in 1989, the industrial – bulk facility is situated on 4.99 acres at 4502 E. Airport Drive in the Inland Empire market.
Northmarq arranged financing on behalf of the borrower, an LA-based owner, through a correspondent relationship with a life insurance company. The transaction was structured on a 10-year term with a 30-year amortization schedule.
“Despite the relatively small size of the loan, we were able to achieve competitive pricing based on the location of the asset, the conservative nature of the loan amount and Northmarq’s relationship with this particular lender,” said Schwartz.
