LOS ANGELES (January 21, 2016) – Robert R. Hervey, senior vice president/managing director and Joe Giordani, vice president of NorthMarq Capital’s Los Angeles regional office arranged the $29 million refinance of Airport Center, a 600,000 sq. ft. industrial property located at 1460 S. Archibald Avenue in Ontario, California. The transaction, which featured a six-month forward rate lock, was structured with a 10-year term and 25-year amortization schedule.
“The deal involved a high quality borrower and high quality lender and represents great collateral that has always performed well,” said Hervey. “The borrower had the foresight to go to market early looking for a loan and lock rate well in advance of their existing loan maturity. Due to our correspondent lender’s best-in-class pricing and free six-month forward rate lock, they offered the best spread and proceeds in the market for the refinance.”