NorthMarq Capital’s Los Angeles office arranges $4.5 million refinance of Palm Court Plaza in Westminster, California

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.”