NorthMarq Capital’s San Diego office arranges $8 million financing for two industrial buildings located in Poway, California
Poway Corporate Center
SAN DIEGO (February 25, 2016) – Steve Hollister, senior vice president of NorthMarq Capital’s San Diego regional office arranged the $8 million refinance of Poway Corporate Center, a 70,868 sq. ft. property consisting of two industrial buildings located in Poway, California. The transaction was structured with a 10-year term and 25-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company. The life company lender pre-approved the loan; rate-locked at loan application and followed through on all their commitments, making for a very smooth and efficient closing. “The lender saw the value in the sponsorship and the new, high-quality improvements situated in a very good location,” said Hollister. “They provided more leverage than others in return for a slightly higher rate. The loan was structured with a debt service guarantee in lieu of personal recourse to further help the lender get comfortable with the transaction.”
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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.
