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.”

Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales and loan servicing. We combine industry-leading capabilities with a flexible structure, enabling our national team of experienced professionals to create innovative solutions for clients. Our solid foundation and entrepreneurial approach have built an annual transaction volume of more than $37 billion and a loan servicing portfolio of nearly $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq introduces clients to expanded opportunities across all major asset classes.