NorthMarq Capital’s Los Angeles office finalizes $2.75 million refinance for an industrial building in Sacramento, California
Industrial Building
LOS ANGELES (July 16, 2015) – Robert R. Hervey, executive vice president/senior managing director of NorthMarq Capital’s Los Angeles based regional office arranged the $2.75 million refinance of a 166,000 sq.ft. industrial property located at 849 North 10th Street in Sacramento, California. The location of this older vintage industrial building is currently experiencing very positive changes and growth. The transaction was structured with a 10-year term and 20-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company. Major tenants at the property include Discovery Indoor Storage and Habitat for Humanity. “This location and building work very well for the two tenants, which provided comfort to the lender that it would continue to be stable,” said Hervey. “The borrower looked to an existing lender relationship to finance this older building which is in great shape and works well for the tenants.”
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.
