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Capital Flows for Industrial, Office and Multifamily

SAN FRANCISCO—NorthMarq Capital closed refinancing for two 3-million-square-foot industrial portfolios totaling a combined $268 million, along with an office and multifamily loans.

By Lisa Brown | lisabrown | Updated on February 24, 2016

Cupertino City Center Cupertino City Center has been occupied since it was built, which allowed Allianz to provide competitive terms for the blend extend refinancing.

SAN FRANCISCO—One loan required flexibility and the other needed to lock in an attractive rate during a period of tremendous volatility in the capital market. In the end, lenders delivered highly structured facilities for a combination portfolio spanning several states. The two 3 million-square-foot industrial portfolios were refinanced for a combined total of $268 million.

Industrial Portfolio I, the first loan, was a $141 million refinancing of an 18-property industrial portfolio, structured as a seven-year interest-only loan. The portfolio included 3.312 million square feet of assets located in Texas, Pennsylvania, Florida, Illinois, Colorado, California, New Jersey, Oregon and Nevada. Dennis Williams, senior vice president/managing director of NorthMarq Capital‘s San Francisco office, finalized refinancing for an institutional borrower through a correspondent relationship with a life insurance company. Major tenants include Ashley Furniture, Anixter and US Foods.

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