PHOENIX, ARIZONA (December 12, 2019) – James DuMars, senior vice president/managing director of NorthMarq’s Phoenix office arranged a $13.25 million permanent loan for Scripps Mesa Business Park in San Diego, California.
– 7-year interest-only term
– Permanent-fixed loan
– NorthMarq arranged financing for the borrower through its relationship with a regional bank.
– The class A- industrial property contains 208,433 sq. ft.
“This was a modification of an existing loan. The existing Lender was willing to lower their existing interest rate on the note and extend the term for an additional 5-years at this rate.”
– James DuMars