Northmarq secures $18M refinance of a 2-property industrial portfolio in Las Vegas, NV
LAS VEGAS (Sept. 24, 2024) — Northmarq Managing Director David Blum with the Newport Beach Debt + Equity team successfully arranged the refinance of an industrial portfolio consisting of two warehouses totaling over 246,000 sq. ft. in Las Vegas, Nevada.
“We were able to structure a cash-out refinance request on these two very high-quality industrial assets for our client,” said Blum.
Northmarq secured the permanent fixed-rate loan for the borrower through its correspondent life company lender. The transaction was structured on a seven-year, interest-only term, well below 6.0%.
The first industrial warehouse, built in 1992, sits on a 7.5-acre lot located on Pilot Road in Las Vegas. The current tenant is a vitamin and supplements retail and e-commerce store. The second location, built in 2017, is located on East Craig Road and sits on 5.5 acres. The tenant is a fabric/linens supplier.
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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.
