NorthMarq Capital arranged $10.25 million mortgage for California Avenue Office Building in Corona, California
Cal Ave Office Building
LOS ANGELES (January 15, 2013) – Michael Elmore, executive vice president and managing director of NorthMarq’s Los Angeles regional office, arranged first mortgage refinancing of $10.25 million for 1181 California Avenue, a 85,372 sq. ft. office building located in Corona, California. Financing was based on a 10-year term and a 30-year amortization schedule. NorthMarq arranged this financing for the borrower through its relationship with a CMBS lender. “The lender accommodated a maturing loan payoff and was able to structure for a major tenant lease maturity during the loan term,” said Elmore. “There was also a substantial return of borrower capital.”
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. For more information, visit www.northmarq.com.
