NorthMarq Capital’s Los Angeles office arranges acquisition financing of $1.2 million for multifamily property in East Hollywood, California
Multifamily Property
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.”
About Northmarq
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.
