NorthMarq Capital arranged $3 million mortgage for Harbor Terrace assisted living facility in Los Angeles, California

SAN DIEGO (February 13, 2013) – Steve Hollister, vice president of NorthMarq ‘s San Diego Regional office, arranged first mortgage refinancing of $3 million for Harbor Terrace, a 30,960 sq. ft., 90-unit assisted living facility located at 435 West 8th Street in Los Angeles, California. Financing was based on an 18-year term and an 18-year amortization schedule and was arranged for the borrower, IF Harbor Terrace Property LP, by NorthMarq through its relationship with a correspondent life company lender. “This transaction is the refinancing of an existing loan,” said Hollister. “The lender performed exactly as advertised. It was a very smooth process from start to finish.”