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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Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
