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New Financing Retires Construction Loan

ORANGE, CA-Borrower Turner Orange LLC secures the loan for a 193,000-sf building in one of three new financings for industrial properties.

By Bob Howard | Updated on October 02, 2007

(Read more on the debt and equity markets and the industrial market .)

ORANGE, CA-Borrower Turner Orange LLC of Newport Beach has secured an $11.5-million first mortgage that paid off a construction loan for a 193,000-sf industrial building at 434 W. Meats Ave. in Orange in one of three new financings for industrial properties that were arranged by NorthMarq Capital. Michael Elmore, senior vice president and managing director at NorthMarq’s regional office, tells GlobeSt.com that the financing for the 193,000-sf building was based on a seven-year term and a 30-year amortization schedule. Elmore arranged all three of the loans through NorthMarq’s correspondent relationship with Nationwide.

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