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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.

The loan closed with the Turner Orange building less than 80% occupied but with no lender holdbacks, Elmore notes, pointing out that Nationwide provided a creative loan structure for the partially leased industrial building with borrowers who are well established and well capitalized. Major tenants in the building, which was constructed in 1967 as a corporate build-to-suit for AKZO by Flour Daniels, are MS International, Carrier Corp. and AKZO Nobel.

Elmore tells GlobeSt.com that the closing of the Turner Orange loan and two other recent industrial property loans are a sign that financings are still closing despite the dramatic shifts in the capital markets, although deal flow has slowed since the turmoil began. He notes that spreads can vary from 50 to 100 basis points between different lenders, with agencies and life companies now typically offering narrower spreads than the CMBS lenders who for so long offered narrower spreads.