NorthMarq Capital’s Los Angeles office arranges $8.5 million refinance of Northridge Business Park II in Chatsworth, California
LOS ANGELES (April 4, 2016) – Michael Elmore, managing director and Ory Schwartz, managing director of NorthMarq Capital’s Los Angeles based regional office finalized the $8.5 million refinance of Northridge Business Park II, a 150,972 sq. ft. industrial property located at 19737-19755 Nordhoff Place, 19734-19747 Dearborn Street and 9255 Corbin Avenue in Chatsworth, California. The transaction was structured with a 15-year term and 25-year amortization schedule. NorthMarq arranged financing for the borrower, Watt Companies, through its correspondent relationship with Voya Investment Management. “We appreciate doing business with NorthMarq Capital and value our 20 year long-standing relationship,” said Brian Burdzinski, vice president of Finance and Accounting at Watt Companies. “NorthMarq provided a forward rate lock in November of 2015 to minimize volatility,” added Elmore.
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