NorthMarq Capital secures $10.2 million in acquisition financing for an industrial property located in Libertyville, Illinois

PARSIPPANY, N.J. (April 21, 2014) – Greg Nalbandian, senior vice president/managing director of NorthMarq Capital’s New Jersey regional office closed a $10.2 million financing for the acquisition of a 217,620 sq. ft., Class-A single tenant warehouse/distribution center located at 1500 Harris Road, Libertyville, IL. Working exclusively with the NJ based borrower, NorthMarq structured the loan with a 12-year term and 25-year amortization at a very attractive interest rate through its relationship with correspondent life company, Genworth Financial. “Given the single tenant, non-credit nature of the transaction combined with the maximum LTV request, most life companies either passed or would only consider a much more conservative leverage with a quicker amortization,” said Nalbandian. “Genworth took the time to travel to Chicago to tour the asset and fully understand the relevance of this building to the tenant’s overall business operation. In doing so, the sponsor’s financial objectives were met and Genworth was able to place an attractive loan in its portfolio with a target borrower.”