February 6, 2013

NorthMarq Capital arranged $1.21 million bridge loan for single tenant retail property in Hawthorne, California

Hawthorne DDs

Debt & Equity

Multi-Tenant

LOS ANGELES (February 6, 2013) – Robert Hervey, executive vice president and managing director of NorthMarq’s Los Angeles regional office, arranged a bridge loan of $1.21 million for 13141 Hawthorne Boulevard in Hawthorne, California. This asset is an 18,640 sq. ft. single-tenant property fully leased to DDs. The lease has a sales kick-out clause for 3 years. The former Rite-Aid building is being converted to the new DDs’ format. Financing was based on 12 months plus a 5-year mini-perm with interest only during the refurbishment then a 25-year term amortization thereafter. NorthMarq arranged this financing for the borrower through its relationship with a local bank. “The lender was willing to take on the kick-out risk, because the location was good and other tenants were interested in the site,” said Hervey. Additionally, the developer was very experienced in development and value-add retail.”

Available Retail (MT) properties

Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.