NorthMarq Capital negotiates $48 million refinance of Olympic Plaza in Los Angeles, California
Olympic Plaza
LOS ANGELES (January 15, 2016) – Blake Melstrom, vice president of NorthMarq Capital’s Los Angeles regional office arranged the $48 million refinance of Olympic Plaza, a 244,448 sq. ft. office property located at 11500 West Olympic Boulevard, in Los Angeles, California. The transaction was structured with a 10-year term and 25-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company. “The transaction included an option for the borrower to lock in a low, long-term interest rate several months in advance of their approaching CMBS loan maturity,” said Melstrom. “NorthMarq Capital, through our list of correspondent life insurance company lenders, identified several lenders offering forward commitments in order for the borrower to avoid paying a large defeasance penalty.”
About Northmarq
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.
