LOS ANGELES, CALIFORNIA (June 20, 2019) – NorthMarq Los Angeles’ Senior Vice President/Managing Director Ory Schwartz secured the $13 million refinance of Watney, a 348,500 sq. ft. single-tenant industrial property located at 2425 South Watney Way in Fairfield, California. The transaction was structured with a 10-year term on a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company.
“Despite the single tenant nature of this loan request, numerous life companies were interested in providing competitive quotes given the leverage point and the strength of the Fairfield industrial market,” said Schwartz.