NorthMarq Capital arranges $2.5 million refinance of retail property located in Los Angeles, California
Broadmark
LOS ANGELES (August 25, 2016) – David Blum, senior vice president/senior director of NorthMarq Capital’s Los Angeles-based regional office arranged the $2.5 million refinance of Broadmark, a 14,331 sq. ft. retail property located at 3031 North Broadway in Los Angeles, California. The transaction was structured with a 20-year term and 30-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company. AutoZone represents the property’s major tenant. “The transaction featured a significant cash-out at approximately four percent,” said Blum.
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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.
