LOS ANGELES (January 16, 2013) – Michael Elmore, executive vice president and managing director of NorthMarq’s Los Angeles regional office, arranged first mortgage refinancing of $4.635 million for Lake Forest Industrial Park, a 74,314 sq. ft. industrial park located in Lake Forest, California. Financing was based on a 10-year term and a 30-year amortization schedule. NorthMarq arranged this financing for the borrower through its relationship with a national bank. “The bank provided a seven-year fixed-rate loan at 4.15% with a flexible prepayment schedule,” said Elmore. “This lowered the borrower’s finance cost by nearly 3% annually.”
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