NorthMarq Capital’s Los Angeles office arranges $5.05 million acquisition loan for Single Tenant Office Building in Altadena, California
Single Tenant Office Building
LOS ANGELES (June 5, 2017) Joe Giordani, vice president of NorthMarq Capital’s Los Angeles regional office, arranged the acquisition loan of $5,050,000 for a 35,000 square foot single tenant office building in Altadena, California. NorthMarq arranged financing for the borrower through its relationship with a credit union. The transaction was structured with a 70 percent loan-to-value and no prepayment penalty. “This was a challenging deal for various reasons,” said Giordani. “Short-term leases on single tenant deals with a higher loan to value typically scare lenders away because the sole tenant could vacate and you’re left with an empty building and a big outstanding loan balance. Fortunately, we have a longstanding relationship with this lender and they were able to get comfortable given the collateral and sponsor. “
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