LOS ANGELES (May 29, 2018) – Michael Elmore, executive vice president/managing director of NorthMarq Capital’s Los Angeles regional office, negotiated the $8.4 million refinance of Etchandy Industrial Complex II, a 165,158 sq. ft. industrial property located at 1901, 1921, 1941, 1961, 1981 Miraloma Avenue and 950 Fee Ana & 1900-40 and 80 Petra Lane in Placentia, California. The transaction was structured with a fifteen year term and 25 year amortization. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company.
“NorthMarq provided a 15-year loan on this property after doing two previous 10-year loans. This is an older multi-tenant industrial property, but it still conforms to current zoning, is typically above 95 percent occupied and is an infill industrial location trending towards higher uses,” noted Elmore. “The lender wanted to keep this excellent investment in their portfolio and offered great terms along with a streamline diligence and legal process.”