NorthMarq Capital’s San Diego office arranges financing for a class “A” office building located in La Jolla, California
Class “A” Office Building
SAN DIEGO (November 5, 2015) – Michael Dobbins, senior vice president of NorthMarq Capital’s San Diego office arranged the $19.95 million refinance of class “A” office property consisting of 61,547 sq. ft. located in La Jolla, California. The transaction was structured with a 10-year term with 3-years interest only followed by a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a CMBS lender. “The financing enabled the borrower to reduce the rate on their existing debt by almost 100 basis points for ten years,” explained Dobbins. “Although the market was turbulent, the lender provided the borrower with very aggressive pricing.”
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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.
