NorthMarq Capital arranged $6.65 million mortgage for Chino Industrial Building in Chino, California
Chino Industrial Building
LOS ANGELES (May 13, 2013) – Michael Elmore, executive vice president and managing director of NorthMarq’s Los Angeles regional office, arranged first mortgage refinancing of $6.65 million for Chino Industrial Building located at 4451 Eucalyptus Drive in Chino, California. The property consists of 161,658 sq. ft. of industrial space. Financing was based on a 20-year term and a 20-year amortization schedule. NorthMarq arranged this financing for the borrower through its relationship with a correspondent life company lender. The borrower acquired this asset in late 2012 on an all cash basis and then wanted to put conservative long-term debt on it to return some capital in 2013. The carve outs on this nonrecourse loan were executed by a corporate entity and no warm body signatures were required. “Nationwide provided good pricing and excellent execution on this no warm body transaction,” Elmore said.
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.
