LOS ANGELES (May 9, 2016) – Mark Dodson, vice president of NorthMarq Capital’s Los Angeles-based regional office , arranged acquisition financing of $1.2 million for a 12-unit multifamily property located at 4531 Normal Avenue in East Hollywood, California. The transaction was structured with a 30-year term with an initial fixed period of seven years and featured a 45-day close due to a 1031 exchange. NorthMarq arranged financing for the borrower through its relationship with a national bank.
“The borrower had a tight closing window due to a 1031 exchange and a previous lender being unable to perform,” said Dodson. “NorthMarq was able to secure multiple quotes and guide the borrower through the closing process with a new lender to meet the deadline.”