NorthMarq Capital’s Los Angeles office arranges $2.15 million acquisition financing for Barrett Lake MHP in Dulzara, California
LOS ANGELES (September 14, 2016) – Daniel McCarthy, senior vice president/senior director of NorthMarq Capital’s Los Angeles-based regional office, arranged acquisition for Barrett Lake MHP, an 88-unit multifamily property located at 1250 Barrett Lake Road in Dulzara, California. The transaction was structured with a 5-year term followed by a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a credit union. “The property is in lease-up after sustaining losses from fires in Southern California,” said McCarthy. “This loan with a local credit union enabled the borrower to acquire this asset in transition that has an open prepay throughout the term. The borrower can get the property leased-up and refinance at any time to recapture his equity investment and value created.”
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built a loan servicing portfolio of more than $76 billion and a two-year transaction volume of more than $52 billion. Through the 2022 acquisition of Stan Johnson Company, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit www.northmarq.com.
