NEWPORT BEACH, CALIFORNIA (May 11, 2020) – Joe Giordani, senior vice president/managing director and Mike Elmore, executive vice president/managing director of NorthMarq’s Newport Beach office worked together to arrange the $3.4 million refinance of Turner San Juan. The 40,207 sq. ft. mixed-use property is located at 26081 Avenido Aeropuerto, 33046 Calle Aviador, and 33052 Calle Aviador in San Juan Capistrano, California. The transaction was structured with a 13-year term on a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a national bank.
The permanent-fixed financing is for three concrete tilt-up light industrial/commercial buildings built between 1972-1974. The buildings are part of the San Juan Capistrano Business Park.
“This financing was quoted and placed under application during the first week of the Covid-19 pandemic. Thankfully due to a responsive sponsor, lender, and mortgage banking team, the loan closed as applied for before the impact of the shutdown filtered through the economy,” said Giordani.