NorthMarq Capital’s Los Angeles office arranges $4.2 million refinance of Best Western in Mammoth Lakes, California
LOS ANGELES (November 30, 2016) – Mark Dodson, vice president of NorthMarq Capital’s Los Angeles-based regional office, arranged the $4.2 million refinance of a 73-room Best Western located in Mammoth Lakes, California. The transaction was structured with a 10-year fixed rate term with a 7-year rate reset and 17-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company. “The borrower was interested in paying down the principal faster and having a longer-term loan than what was available through his bank,” explained Dodson. “NorthMarq was able to meet his requirements through its correspondent relationship with a life insurance company who had previously done a hospitality transaction in this market.”
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 $52 billion. For more information, visit www.northmarq.com.
