Northmarq completes $25 million refinancing for office property in West Hollywood, California
NEWPORT BEACH, CALIFORNIA (February 21, 2023) — Northmarq’s Joe Giordani, managing director, and Scott Botsford, senior vice president on the Northmarq Newport Beach Office, arranged a $25 million fixed-rate loan secured by a 77,153 sq. ft. multi-tenant office building located at 8730 West Sunset Boulevard in West Hollywood, California. The transaction was structured with a 10-year loan term. Northmarq arranged the loan through its network of correspondent lending relationships.
“The lender was able to provide a winning non-recourse option for this favorably located office building on the famous Sunset Strip despite the current office environment,” said Giordani. “The property is one of a kind due to the recent approved of a new digital billboard which will add significant income; it was a great transaction for all parties.”
The well located, multi-story office building was built in 1954 and renovated in 2004. Centrally located in Sunset Plaza, Sunset Towers is in walking distance from the Sunset Strip’s restaurants, boutiques, and entertainment. Amenities include: 24-hour security and surveillance, on-site property manager, car charging station, and a private screening room with theater grade projection and sound.
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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.
