NorthMarq Capital arranges $1.886 million mortgage for Fourth Street Lofts in Los Angeles, California
LOS ANGELES (September 30, 2013) – Ory Schwartz of NorthMarq’s Los Angeles regional office, arranged refinancing of $1.886 million for Fourth Street Lofts, a 10-unit, 10,016 sq. ft., market-rate multifamily property located at 1340 West 4th Street in Los Angeles, California. Financing was based on a 30-year term fixed for 7 years with max LTV and a 30-year amortization schedule. NorthMarq arranged this financing for the borrower through its relationship with a regional bank. “Through NorthMarq’s relationship with the lender, the borrower was able to lock in low coupon in a rising rate environment. Lender honored the rate through a significant upswing in rates prior to locking,” Schwartz said.
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