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.”
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.
