LOS ANGELES (October 9, 2013) – Michael Elmore, executive vice president/managing director of NorthMarq’s Los Angeles regional office, arranged refinancing of $3 million for the 102,168 sq.ft. Ontario Industrial Building, located at 1310 South Cucamonga Avenue, Ontario, CA . Financing was based on a 10-year term and a 25-year amortization schedule. NorthMarq arranged this financing for the borrower through its relationship with a national bank. The financing featured no recourse and no warm body carve outs and cash out with a 50% increase in loan amount with no change to payments. The structure is an older building with a short term lease and no structure for rollover.
“The lender once again provided an excellent economic loan with minimal costs and no structure,” said Elmore.