LOS ANGELES (December 1, 2015) – Robert R. Hervey, executive vice president/senior managing director of NorthMarq Capital’s Los Angeles regional office arranged refinancing for two industrial buildings in California’s Inland Empire. The transactions were structured with a 7-year term and 25-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company.
The first loan was $1.8 million and was arranged for a 51,020 sq. ft. industrial building located at 10215 San Sevaine in Jurupa Valley, California. The second loan was $3.5 million and was arranged for an 118,615 sq. ft. industrial building located at 10955 Arrow Route in Rancho Cucamonga, California.
“The security for each loan is an industrial building occupied with a single non-credit tenant,” said Hervey. “The great relationship with a strong and experienced borrower and correspondent lender facilitated these low-leveraged transactions.”