NEWPORT BEACH, CALIFORNIA (January 8, 2020) – Joe Giordani, senior vice president/senior director of NorthMarq’s Newport Beach-based regional office secured the $5 million refinance of 981 Pomona Corporate, a 52,974 sq. ft. office property located at 971-975 & 981 Corporate Drive in Pomona, California.
“The sponsor was looking to take advantage of historically low interest rates while pulling out some equity in order to reinvest in other assets,” said Giordani. “We strategically locked rate early and timed the prepayment penalty in order to minimize his prepayment costs.”
– 10+10+5-year term
– 25-year amortization schedule
– NorthMarq arrange the permanent-fixed loan for the borrower through its correspondent relationship with Stancorp Mortgage Investors, a life insurance company.