NEWPORT BEACH, CALIFORNIA (May 11, 2020) – Daniel McCarthy, senior vice president, and Michael Elmore, managing director of NorthMarq’s Newport Beach office worked together to arrange the $10 million refinance of Lambert Industrial in Fullerton, California. The two properties contain a combined 87,652 sq. ft.
The permanent-fixed loan was structured with a 10-year term on a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a national bank.
The 150 Lampert is 45,761 rentable sq. ft. and 110 Lampert is 41,891 rentable sq. ft., a total of 87,652 rentable. The property features a new state-of-the-art corporate headquarter buildings located in a business park.
“NorthMarq was able to get the deal rate locked at the beginning of the Covid Crisis and lender, because of the low leverage, was able to keep all other terms as quoted and closed on a very timely manner under the circumstances,” said Elmore.