Office - Debt

NorthMarq arranges $5 million refinance of office property located in Pomona, California

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.”

Financing Details:
– 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. 

As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of more than $14 billion, loan servicing portfolio of more than $61 billion and the multi-year tenure of our nearly 600 people.