LOS ANGELES (October 6, 2015) – Michael T. Elmore, executive vice president/managing director and Joe Giordani, vice president of NorthMarq Capital’s Los Angeles office arranged the $27.8 million refinance of two Newport Beach medical office buildings totaling approximately 165,000 sq.ft. of medical office space. The properties are located near Fashion Island in Newport Beach, California. The transaction was structured with a 10-year term with 3-years interest only followed by a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company.
“The life company lender on these assets accommodated the borrower’s request to recapitalize these early to take advantage of a low coupon rate lock,” explained Elmore. “The lender also provided three years of interest-only payments and cash-out.”