Northmarq secures a $3.8 million permanent loan in Riverside, California

SAN DIEGO, CALIFORNIA (March 29, 2023) — Steve Hollister, senior vice president, arranged a $3.8 million fixed-rate loan secured by a 100 percent leased, 130,162 sq. ft. multi-tenant industrial building located in Riverside, California. The refinance transaction was structured with a fully amortizing 20-year loan term. Northmarq arranged the financing through its correspondent relationship with a life insurance company. 

“Northmarq’s correspondent life insurance company won this business by offering an attractive interest rate and the best overall execution on this low leverage refinance. The rate was locked at loan application with a 90-day funding window without a premium in rate,” said Hollister. “In addition, the life insurance company offered surety of execution and a simple closing process, having closed many loans with the sponsor.”