LOS ANGELES (April 30, 2015) – Mark Dodson, vice president of NorthMarq Capital’s Los Angeles based regional office, completed the $3.5 million refinance of San Bernardino Medical Group, a 36,577 sq.ft. single-tenant medical office building located at 1700 Waterman Avenue in San Bernardino, California. The transaction was structured with a 10-year term and 25-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a regional bank. San Bernardino Medical Group is the property’s tenant.
“This was a unique transaction and many lenders passed because the property ownership group included also partners in the major tenant medical group,” explained Dodson. “The borrower had an existing quote and appraisal from another lender but NorthMarq was able to secure higher proceeds, including cash-out for the borrower and a lower interest rate to close on time.”