Loan Expedites Office Condo Conversion

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HUNTINGTON BEACH, CA-The owner of a 31-suite office building here has landed $6.5 million in financing that is designed to accommodate the conversion of the suites into office condominiums, according to NorthMarq Capital. Ory Schwartz in the Newport Beach office of NorthMarq tells GlobeSt.com that the loan terms provide that, as the property is converted to office condominiums, individual units may be released from the collateral if the loan is paid down accordingly.

Schwartz arranged the financing of $6.5 million for the purchase of the property, which is a fully leased office building at 18377 Beach Blvd. The lender is a local bank and the borrower is a Northern California-based private investor.