NorthMarq Capital arranges $10,000,000 bridge loan on vacant office
NEWPORT BEACH (October 1, 2018) – John Marshall, vice president of NorthMarq Capital’s Los Angeles regional office, arranged a $10 million bridge loan to acquire, renovate, and lease a 56,146 square foot, vacant office building located in Pleasanton, California. Marshall arranged the loan on behalf of a regional sponsor and their joint-venture partner.
The loan provided future funding for building renovations, tenant improvements, and leasing commissions. On behalf of the borrower, NorthMarq negotiated deferred equity disbursements, extension options with minimal covenants, and flexibility to execute multiple business plans.
“Bridge pricing and loan covenants remain aggressive as lenders struggle to meet their volume targets. Bids were extremely competitive considering the transaction size and the winner was able to execute within a short closing timeline,” said Marshall.
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
