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.”