NorthMarq Capital’s Los Angeles office secures $41 million construction loan for Riverpoint/Warner Center in Canoga Park, California
LOS ANGELES (December 3, 2018) – David Blum, senior vice president/senior director of NorthMarq Capital’s Los Angeles regional office, arranged the $41 million construction loan for Riverpoint/Warner Center, a 154-unit multifamily property located at 6801-6819 Canoga Avenue in Canoga Park, California. NorthMarq arranged the construction financing for the borrower through its relationship with a private lender. The project is located a block away from the Westfield Mall and 1 mile from Pierce College.
“We were successful in structuring a high leverage construction loan at 75 percent LTC with flexibility of adding PACE financing after closing,” explained Blum. “This will be an A quality asset with amenities catering to the Warner Center demographics and flourishing growth.”
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