NorthMarq Capital arranged $1.21 million bridge loan for single tenant retail property in Hawthorne, California
Hawthorne DDs
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.”
About Northmarq
Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
