Industrial
Debt & Equity

NorthMarq Capital’s Michael Elmore completes $6.5 million refinance of Opportunity Way Industrial Buildings in Riverside, California

LOS ANGELES (May 29, 2018) – Michael Elmore, executive vice president/managing director of NorthMarq Capital’s Los Angeles regional office, arranged the $6.5 million refinance of Opportunity Way Industrial Buildings, a 188,817 sq. ft. industrial property consisting of two buildings located at 22220 & 22280 Opportunity Way in Riverside, California. The transaction was structured with a 15-year term with three years interest-only, followed by a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company. “The mortgage repaid a construction loan and provided a long-term capital solution to the developer,” said Elmore. “The property has two “state-of-the-art” multi-tenant industrial buildings. Our correspondent lender liked the sponsor, location, asset quality and significant cash remaining in the transaction and funded the loan prior to stabilization with no structure for the remaining 15 percent to be leased.”

Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.

5148f061-6e23-493b-99a7-747125760fdb.jpg
Opportunity Way Industrial Buildings
Permanent Loan - Fixed
$6,500,000