LOS ANGELES (April 29, 2016) – Robert R. Hervey, executive vice president/senior managing director of NorthMarq Capital’s Los Angeles-based regional office arranged acquisition financing of $8.44 million for Harbor Medical, a 30,687 sq. ft. medical office property located at 2720 North Harbor Boulevard in Fullerton, California. The transaction was structured with a 3-year term with 2–years interest only and 30-year amortization schedule. The transaction required the lender to understand major near-term tenant roll-over and to close quickly.
“The borrower is very experienced the acquisition and refurbishment of similar properties,” noted Hervey. “The lender moved quickly to understand the market and approve the business plan that will make this repositioning successful.”