NorthMarq Capital arranges $3 million refinancing of Ontario Industrial Building located in Ontario, California
Ontario Industrial Building
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.
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.
