NorthMarq Capital’s Los Angeles office arranges $3.075 million refinance of Durango Plaza in Las Vegas, Nevada
Durango Plaza
LOS ANGELES (January 5, 2016) – Blake Melstrom, vice president of NorthMarq Capital’s Los Angeles office arranged the $3.075 million refinance of Durango Plaza, a 40,958 sq. ft. retail property located at 3655 South Durango in Las Vegas, Nevada. The transaction was structured with a fully amortizing 12-year term. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company. “The subject is a retail center that includes a gas station and oil change facility,” said Melstrom. “NorthMarq Capital represents a life insurance company lender that became comfortable with the risk associated to the auto-related tenants due to mitigating factors such as fully amortizing loan on a low leverage request.”
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.
