NorthMarq arranges $6.4 million refinance of office property in Newport Beach, California
NEWPORT BEACH, CALIFORNIA (January 24, 2020) – David Blum, senior vice president/managing director of NorthMarq’s Newport Beach-based regional office, secured the $6.4 million refinance of a 15,089 sq. ft. office property located at 100 Newport Center Drive in Newport Beach, California.
“The spec-construction bridge loan for a future tenant, coupled with the existing ground lease added to the challenge of getting this transaction completed.”
- David Blum
Financing Details:
- 3-year term with two 12-month extension options for one percent fee per extension
- 3-years of interest-only payments
- NorthMarq arranged the permanent-fixed loan for the borrower through its relationship with a bridge/mezzanine lender.
Property Details:
- The property is currently vacant.
- The office building was originally built in 1975 is currently being renovated.
Meet our team
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 $80 billion and has completed $91.3 billion in transactions over the past fours years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide.
