NorthMarq Capital arranged $42.1 million bridge loan

LOS ANGELES (May 13, 2013) – Robert Hervey, executive vice president and managing director of NorthMarq’s Los Angeles regional office, arranged a bridge loan of $42.1 million for Point Dume Shopping Center, a 55,863 sq. ft. shopping center located in Malibu, and 301 Ocean, a proposed high-end condominium development located in Santa Monica. This transaction is a highly structured bridge loan that encumbered 3 properties in order to have sufficient proceeds to acquire 301 Ocean. Adding to the complexity of the transaction was the relatively quick closing and significant non-refundable deposits required to successfully win the acquisition opportunity. Financing was based on a 3-year interest-only term and was arranged for the borrower, Marquis Property Company, Ltd., by NorthMarq through its relationship with a Bridge lender. “This was a remarkable feat by both the borrower and the lender,” said Hervey. “The borrower was very astute in negotiating not only with the seller, but parties that controlled “first rights”. The lender was very creative and able to provide a structure that provided alternatives and optionality required to pull off the acquisition. Additionally, the structure covers the expected needs for moving forward the development of 301 Ocean.”