NorthMarq negotiates $3.4 million refinance of mixed-use property in San Juan Capistrano, California
NEWPORT BEACH, CALIFORNIA (May 11, 2020) – Joe Giordani, senior vice president/managing director and Mike Elmore, executive vice president/managing director of NorthMarq’s Newport Beach office worked together to arrange the $3.4 million refinance of Turner San Juan. The 40,207 sq. ft. mixed-use property is located at 26081 Avenido Aeropuerto, 33046 Calle Aviador, and 33052 Calle Aviador in San Juan Capistrano, California. The transaction was structured with a 13-year term on a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a national bank.
The permanent-fixed financing is for three concrete tilt-up light industrial/commercial buildings built between 1972-1974. The buildings are part of the San Juan Capistrano Business Park.
“This financing was quoted and placed under application during the first week of the Covid-19 pandemic. Thankfully due to a responsive sponsor, lender, and mortgage banking team, the loan closed as applied for before the impact of the shutdown filtered through the economy,” said Giordani.
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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.
