LOS ANGELES, CALIFORNIA (January 31, 2019) – Ory Schwartz, senior vice president/managing director of NorthMarq’s Los Angeles office, arranged the $3.5 million permanent-fixed loan for Hanrahan Building, a 38,215 sq. ft. office property located at 1225 8th Street in Sacramento, California. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company.
“NorthMarq arranged a permanent loan that refinanced the existing loan that NorthMarq placed on the property in 2014. The Sacramento market has improved significantly over the past several years, which enabled the borrower to pull out some cash and put a longer term fixed rate loan on the property,” said Schwartz.