NorthMarq Capital arranges $6.7 million refinance of Pearl Car Washes portfolio in San Diego County, California
Pearl Car Washes
LOS ANGELES (December 16, 2015) – Daniel McCarthy, senior vice president/senior director of NorthMarq Capital’s Los Angeles office negotiated the $6.7 million refinance for a portfolio Pearl Car Washes. The locations, comprised of 17,329 sq. ft., are located at 600-602 Pearl Street, La Jolla; 215 Woodlawn Avenue, Chula Vista; 823 North Broadway, Escondido; 322 E. Mission Road, Fallbrook and 2189 E Valley Parkway. The transaction was structured with a 15-year fully amortizing term. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company. “The lender was able to facilitate a five property portfolio in just less than six weeks from application to closing,” said McCarthy. “There were many moving parts, from environmental to appraisal, but in the end, the transaction was closed in record time.”
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.
