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