NorthMarq Capital arranged $3 million mortgage for Harbor Terrace assisted living facility in Los Angeles, California
Assisted Living Facility
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.”
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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.
