Industrial - Debt

NorthMarq’s San Diego office arranges a $10 million insurance company loan for Ocotillo Business Center

SAN DIEGO, CALIFORNIA (April 27, 2021) – Aaron Beck, senior vice president of NorthMarq’s San Diego office negotiated a $10 million loan for the refinance of Ocotillo Business Center, a 164,250 sq. ft. business park located in Tempe, Arizona. The financing was arranged for the borrower through an insurance company for whom NorthMarq is a correspondent. The property allows a wide range of tenant uses due to the flex-style improvements. This, along with the newly constructed parking structure providing covered parking and a parking ratio of 5.0 spaces per 1,000 sq. ft., have made this an attractive property for tenants. The occupancy is 100 percent.

“The borrower refinanced the property to improve their return on investment,” said Beck. “The non-recourse loan achieved this objective and was structured with a long-term, fixed interest rate below 3 percent and a flexible prepayment schedule.”

As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of more than $16 billion, loan servicing portfolio of more than $65 billion and the multi-year tenure of our nearly 600 people.