Newport Center Medical Office Buildings 3 & 4 receive refinancing of $27.8 million courtesy of NorthMarq Capital

Newport Center Medical Office
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.”

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:

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