SAN DIEGO-NorthMarq Capital's San Diego regional office has arranged $76.5 million in financing for a portfolio of office, industrial and multifamily properties.
Senior VP Steve Hollister handled the transaction, which refinanced a CMBS loan, was structured as 23 separate 20-year fully amortizing loans and was arranged by NorthMarq for the borrower through its correspondent relationship with ING. The overall leverage was approximately 60%.
The loan being refinanced was a $70 million CMBS loan with a 10-year fixed rate that was closed in Dec., 2005. The borrower chose to refinance the debt early and pay the defeasance cost in order to secure attractive, long-term fixed rate financing.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
