NorthMarq Capital arranged $26.75 million mortgage for Unical Industrial Building in City of Industry, California
Unical Industrial Building
LOS ANGELES (August 20, 2013) – Michael Elmore, executive vice president and managing director of NorthMarq’s Los Angeles regional office, arranged acquisition financing of $26.75 million for the Unical Industrial Building located at 680 S. Lemon Avenue in City of Industry, California. This asset is an owner-user property containing 472,876 sq. ft. of industrial space. Financing was based on a 17-year term and a 17-year amortization schedule. NorthMarq arranged this financing for the borrower through its relationship with a correspondent life company lender. “The buyer had a below market purchase option within a 2009 lease and had invested significant capital in upgrading the building; the lender financed 100% of the option purchase price but only 55% of the fair market value,” Elmore said.
About Northmarq
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.
