NorthMarq Capital secures $6.4 million refinance of medical office property in Riverton, Utah
Medical Office Property
SAN DIEGO (November 12, 2018) – Aaron Beck, vice president of NorthMarq Capital’s San Diego regional office, arranged the $6.4 million refinance of a medical office property located in Riverton, Utah. NorthMarq arranged financing for the borrower through its relationship with a CMBS lender. The project is well located near regional medical facilities and benefits from its close proximity to major retailers and regional thoroughfares.
“The purpose of the refinance was to take out the existing construction loan,” said Beck. “The lender was able to accommodate a 70%+ loan-to-value, which returned nearly all of the Borrowers’ equity. The loan was structured with a 30-year amortization and a low fixed interest rate.”
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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.
