NorthMarq Capital negotiates $48 million refinance of Olympic Plaza in Los Angeles, California
Olympic Plaza
LOS ANGELES (January 15, 2016) – Blake Melstrom, vice president of NorthMarq Capital’s Los Angeles regional office arranged the $48 million refinance of Olympic Plaza, a 244,448 sq. ft. office property located at 11500 West Olympic Boulevard, in Los Angeles, California. The transaction was structured with a 10-year term and 25-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company. “The transaction included an option for the borrower to lock in a low, long-term interest rate several months in advance of their approaching CMBS loan maturity,” said Melstrom. “NorthMarq Capital, through our list of correspondent life insurance company lenders, identified several lenders offering forward commitments in order for the borrower to avoid paying a large defeasance penalty.”
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.
