Hospitality - Debt

NorthMarq Capital

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.

As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of $13 billion, loan servicing portfolio of more than $57 billion and the multi-year tenure of our more than 500 people.