LOS ANGELES (April 7, 2016) – Robert R. Hervey, executive vice president/senior managing director of NorthMarq Capital’s Los Angeles regional office arranged the $16 million refinance of a 356,642 sq. ft. industrial distribution/warehouse facility located at 19801 South Santa Fe Avenue in Rancho Dominguez, California. The transaction was structured with a 10-year term and 25-year amortization schedule. NorthMarq arrange financing through its relationship with a life insurance company, who provided a six month forward commitment that allowed the borrower to lock the interest rate during a volatile interest rate period. The single tenant building is leased to Port Logistics.
“With the good quality building and strong, experienced borrower, the lender was able to provide 10-year financing with no special structure even though this is a single tenant building with lease rolling during the loan term,” explained Hervey.