David Blum secures financing of $16.48 million for five properties located in California and Missouri
LOS ANGELES, CALIFORNIA (July 24, 2019) – David Blum, senior vice president/senior director in NorthMarq’s Los Angeles-based regional office closed five transactions totaling $16.48 million.
- Comerica Bank Building: NorthMarq arranged acquisition financing of $3,835,000 for Comerica Bank Building located at 11355 South Street in Cerritos, California. The transaction was structured with 10-year term on a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a credit union. The subject consists of a freestanding retail bank branch occupied by Comerica Bank on a long-term lease. The property is located on an outparcel of Los Cerritos Center, a super-regional mall and ½-mile from Cerritos Auto Square, one of the world’s largest auto malls with 29 dealerships.
“There is a short-term lease remaining, but we were able to arrange a 10-year fixed rate deal with flexible pre-pay,” said Blum.
- Pacoima DMV: NorthMarq negotiated a $3.45 million construction-permanent loan for a 19,102 office property housing the Pacoima DMV. The property is located at 11623 Glenoaks Boulevard in Pacoima, California. The transaction was structured with a fully amortizing 25-year term including a construction build-out component. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company.
- 10999 Riverside Drive: NorthMarq negotiated acquisition financing of $4.55 million for a 20,587 sq. ft. office property located at 10999 Riverside Drive in Studio City, California. The transaction was structured with a 10-year fixed term with a flexible pre-payment structure. NorthMarq arranged financing for the borrower through its relationship with a credit union.
“The subject improvements consist of a class “B” multi-tenant, 3-story office building constructed in 1977. The building and site improvements have been recently renovated,” said Blum.
- Industrial Park: NorthMarq completed the $3.5 million refinance of an Industrial Park. The multi-tenant flex development property is located in Central California. The property features a mix of industrial warehouse, flex and professional office uses. The transaction was structured with a 10-year term on a 30-year amortization schedule and no pre-payment penalty. NorthMarq arranged financing for the borrower through its relationship with a credit union.
- Wendy’s: NorthMarq finalized acquisition financing of $1.13 million for a Wendy’s restaurant located in Poplar Bluff, Missouri. The transaction was structured with a 10-year term on a 30-year amortization schedule with no pre-payment penalty. NorthMarq arranged financing for the borrower through its relationship with a credit union.
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