LOS ANGELES (February 3, 2016) – Joe Giordani, vice president of NorthMarq Capital’s Los Angeles regional office arranged the $7 million refinance of a 25,000 sq. ft. vacant office property located in Irvine, California. The transaction was structured with a 2-year interest-only term. NorthMarq arranged financing for the borrower through a debt fund. The non-recourse, 30-day LIBOR floating-rate loan featured an 80 percent loan to cost and 12-months of yield maintenance. The loan also included a future funding component for the client to draw upon at their request to complete significant site improvements to the property and tenant improvements to the suites.
“Every deal has its lender. This deal had several interested lenders that wanted the business but ultimately it went to a non-recourse bridge lender that did a significant amount of underwriting before quoting the deal,” explained Giordani. “They got comfortable based on the experience of the borrower, the strong tenant demand in the sub-market and the attractive location of the property. Taking all of this into account, this lender was able to significantly beat out the competition. The lender was extremely accommodating to our client and great to work with.”