NorthMarq Capital’s Los Angeles office arranges $6 million refinance of Holiday Inn Express in Bishop, California
Holiday Inn Express
LOS ANGELES (March 2, 2015) – Mark Dodson, vice president of NorthMarq Capital’s Los Angeles-based regional office, secured $6 million in refinancing for a 66-unit Holiday Inn Express located in Bishop, California. The cash-out proceeds transaction for the property, located in a tertiary market, was structured with a fully-amortizing 25-year term. NorthMarq arranged financing for the borrower through its relationship with a correspondent life insurance company. “Our life company correspondent was very comfortable with the location and excellent management history of the property,” said Dodson. “Although life companies do not often provide cash-out proceeds in tertiary markets, the low leverage on the loan and the fact that the borrower was seeking fully-amortizing terms satisfied both sides.”
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.
