NorthMarq Capital’s Los Angeles office arranges $29 million refinance of Ontario, California industrial property
Airport Center
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.”
About Northmarq
Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
