NorthMarq Capital’s Elmore refinances 50,405 sq.ft. office in San Diego, California for $5.46 million
The Courtyard
LOS ANGELES (September 30, 2015) – Michael T. Elmore, executive vice president/managing director of NorthMarq Capital’s Los Angeles office finalized the $5.46 million refinance of The Courtyard, a 50,405 sq.ft. office property located at 6480 Weathers Place in San Diego, California. The transaction was structured with a 10-year term (years 1-3 fixed rate and years 4-7 floating rate) and 30-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a national bank. “This office property had below market occupancy and short-term rollover risk along with a maturing loan,” said Elmore. “The bank was able to mitigate these risks, give the borrower a flexible prepayment structure and make the loan maturity deadline.”
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.
