June 6, 2017

NorthMarq Capital’s Los Angeles office arranges $5.05 million acquisition loan for Single Tenant Office Building in Altadena, California

Single Tenant Office Building

Debt & Equity

Multi-Tenant

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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Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.

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