NorthMarq Capital’s Los Angeles office arranges $3.075 million refinance of Durango Plaza in Las Vegas, Nevada
Durango Plaza
LOS ANGELES (January 5, 2016) – Blake Melstrom, vice president of NorthMarq Capital’s Los Angeles office arranged the $3.075 million refinance of Durango Plaza, a 40,958 sq. ft. retail property located at 3655 South Durango in Las Vegas, Nevada. The transaction was structured with a fully amortizing 12-year term. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company. “The subject is a retail center that includes a gas station and oil change facility,” said Melstrom. “NorthMarq Capital represents a life insurance company lender that became comfortable with the risk associated to the auto-related tenants due to mitigating factors such as fully amortizing loan on a low leverage request.”
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.
