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.”