NorthMarq Capital’s San Diego office arranges $14.7 million in acquisition financing for office building in La Jolla, California
Office Building
SAN DIEGO (January 5, 2017) – Steve Hollister, senior vice president of NorthMarq Capital’s San Diego-based regional office, arranged acquisition financing of $14.7 million for a 54,291 sq. ft. office building located in La Jolla, California. The transaction was structured with a 10-year term, with three years of interest-only payments, followed by a 25-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company. “The lender is a premier correspondent life insurance company represented by NorthMarq Capital,” said Hollister. “They provided the best rate and three years of interest only. Transaction terms were 60 percent LTP ($271 psf), 3.44 percent, fixed for 10-years and non-recourse.”
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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.
