NorthMarq Capital’s Los Angeles office arranges $4.5 million refinance of Palm Court Plaza in Westminster, California
Palm Court Plaza
LOS ANGELES (August 13, 2015) – Joe Giordani, vice president of NorthMarq Capital’s Los Angeles regional office secured $4.5 million in refinancing for Palm Court Plaza, a 29,000 sq.ft. retail property located at 15420-15456 Brookhurst Street in Westminster, California. The transaction was structured with a 20-year term and 25-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company. “The borrower had a maturing CMBS loan and was tired of reserves,” said Giordani. “He also like the idea of locking in a longer-term fixed rate loan. After going out to several lenders and providing a long list of loan options, the borrower decided to go with this particular life company because 1). they were willing to give the borrower cash-out; 2). they did not require any ongoing reserves; 3). they had the most competitive interest rate for 20-year fixed term, 4). they had the lowest fees/closing costs and 5). NorthMarq Capital will be the single point of contact due to NorthMarq of the loan.”
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Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
