NorthMarq Capital’s San Diego office arranges $8 million financing for two industrial buildings located in Poway, California

SAN DIEGO (February 25, 2016) – Steve Hollister, senior vice president of NorthMarq Capital’s San Diego regional office arranged the $8 million refinance of Poway Corporate Center, a 70,868 sq. ft. property consisting of two industrial buildings located in Poway, 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 life company lender pre-approved the loan; rate-locked at loan application and followed through on all their commitments, making for a very smooth and efficient closing. “The lender saw the value in the sponsorship and the new, high-quality improvements situated in a very good location,” said Hollister. “They provided more leverage than others in return for a slightly higher rate. The loan was structured with a debt service guarantee in lieu of personal recourse to further help the lender get comfortable with the transaction.”