LOS ANGELES (June 5, 2018) – Joe Giordani, vice president of NorthMarq Capital’s Los Angeles regional office, arranged acquisition financing of $33,998,400 for Corporate Pointe, a 160,499 sq. ft. office property located at 1,3,5,7 & 9 Corporate Park in Irvine, California. The transaction was structured with an initial 2-year interest only term. NorthMarq arranged financing for the borrower through its relationship with a pension fund advisor.
“The lender was able to offer tailored terms for a best-in-class sponsor on a value-add deal that had a unique ownership structure, the need for individual releases, and a three-week close,” said Giordani. “Lender bids were extremely tight, and we’re happy NorthMarq was able to offer market-clearing pricing that beat both bank and traditional debt-fund pricing.”