NorthMarq Capital’s Los Angeles office finalizes $65 million refinance of industrial portfolio in Southern California
Industrial Portfolio
LOS ANGELES (January 30, 2017) – Michael T. Elmore, executive vice president/managing director of NorthMarq Capital’s Los Angeles-based regional office, arranged the $65 million refinance of three industrial properties (5772 East Jurupa Street in Ontario, California; 5555 East Jurupa Street in Ontario, California; and 3100 Milliken Avenue in Mira Loma, California) consisting of a combined 1,594,260 sq. ft. The transaction was structured with a 10-year term on a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with Hartford. “Hartford recapitalized this portfolio, simplified the diligence and closing process and did a forward rate-lock to the par-window,” explained Elmore. “The new 10-year rate is 3.65 percent, which is substantially below market today.”
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.
