NorthMarq Capital’s Los Angeles office negotiates $6.6 million refinance of Inland Empire Distribution Center in Rancho Cucamonga, California
Inland Empire Distribution Center
LOS ANGELES (February 29, 2016) – Michael T. Elmore, executive vice president/managing director of NorthMarq Capital’s Los Angeles regional office arranged the $6.6 million refinance of Inland Empire Distribution Center, a 177,744 sq. ft. industrial property located in Rancho Cucamonga, California. The transaction was structured with a 20-year fully amortizing term. NorthMarq arranged financing for the borrower through its correspondent relationship with Nationwide Life, who had a great economic execution and allowed the borrower to pull out cash on a post-acquisition basis. “The borrower purchased the asset all cash as part of a 1031 exchange and refinanced it post-closing with Nationwide Life,” said Elmore. “The asset is 100 percent leased with below market rents which will be rolled up to market. Nationwide recognized the value-add opportunity and provided a 20-year loan to this repeat client.”
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.
