NorthMarq Capital arranged $3.8 million mortgage for San Juan Business Park in San Juan Capistrano, California

LOS ANGELES (July 24, 2013) – Michael Elmore, executive vice president and managing director of NorthMarq’s Los Angeles regional office, arranged first mortgage refinancing of $3.8 million for San Juan Business Park in San Juan Capistrano, California. This asset consists of four buildings with a combined total of 66,694 sq. ft. of industrial space. Financing was based on a 10-year term and a 30-year amortization schedule. NorthMarq arranged this financing for the borrower through its relationship with a national bank. “The loan request initially started with five older industrial buildings but based on Phase I findings, the lender decided to exclude one building. Despite the drop in collateral they still closed on the full loan on the original terms,” Elmore said. “The lender was flexible in dealing with a potential environmental concern while providing excellent economic terms, prepay flexibility and a return of capital.”