NorthMarq Capital arranges $10 million refinance of Fairway Business Center in Rancho Cucamonga, California
Fairway Business Center
LOS ANGELES (December 2, 2014) – Michael T. Elmore, executive vice president/managing director of NorthMarq Capital’s Los Angeles based regional office arranged the $10 million refinance of Fairway Business Center, a 87,923 sq.ft. office building located at 9130 & 9166 Anaheim Place in Rancho Cucamonga, California. The transaction was structured with a 10-year term with 3-years interest only followed by a 30-year amortization schedule. NorthMarq arranged financing for the borrower through a conduit CMBS lender. “This multi-tenant office building has an uneven rollover which required impounding, but the client wanted to maintain cash flow,” said Elmore. “The lender was able to provide a full leverage senior loan and prefund the entire impound and give three years interest only, which significantly boosted the monthly cash flow distribution to the owner. Bancorp was able to lock within 5 bp of the floor rate in a volatile market in which spreads gapped out 15-20 bp.”
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.
