NorthMarq Capital secures $6.4 million refinance of medical office property in Riverton, Utah
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 a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
