Office - Debt

NorthMarq Capital arranges $26 million refinance of two Continental Park office buildings and a parking structure in El Segundo, California

LOS ANGELES (April 23, 2015) – Michael T. Elmore, executive vice president/managing director and Blake Melstrom, vice president of NorthMarq Capital’s Los Angeles based regional office secured the $26 million refinance of Continental Park, a 184,540 sq.ft. property containing two office buildings and a parking structure located at 840-880 Apollo Street in El Segundo, California. The transaction was structured with a 15-year term and a 25-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company. The loan required a six month forward commitment. Continental Park is Los Angeles County’s largest business park about 2.7 million sq.ft.

“The borrower had a conduit loan maturing on April 1, 2015 and required a new 15-year fixed rate loan to be locked six months in advance of maturity,” said Elmore. “The lender locked the interest rate at 190 basis points, which included the forward premium, over the ten year treasury.”

Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales and loan servicing. We combine industry-leading capabilities with a flexible structure, enabling our national team of experienced professionals to create innovative solutions for clients. Our solid foundation and entrepreneurial approach have built an annual transaction volume of more than $37 billion and a loan servicing portfolio of nearly $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq introduces clients to expanded opportunities across all major asset classes.