CITY OF INDUSTRY, CA-NorthMarq's Los Angeles office has arranged acquisition financing of $26.75 million for the Unical Industrial Building located at 680 S. Lemon Avenue in City of Industry.

The asset is an owner-user property containing 472,876 sq. ft. of industrial space.
Financing was based on a 17-year term and a 17-year amortization schedule. NorthMarq's Michael Elmore, executive vice president and managing director for the Los Angeles regional office, arranged the financing for the borrower through its relationship with a correspondent life company lender.

“The buyer had a below market purchase option within a 2009 lease and had invested significant capital in upgrading the building; the lender financed 100% of the option purchase price but only 55% of the fair market value,” Elmore said.

NorthMarq, the largest privately-held commercial real estate financial intermediary in the U.S., provides mortgage banking and commercial loan servicing in 33 offices coast to coast.  With an average of $9.5 billion in annual production volume and servicing a loan portfolio of over $41 billion, the company offers expertise to borrowers of all size. The company has a long track record of multi-family financing as a Freddie Mac Program Plus Seller-Servicer, and through its affiliation with Fannie Mae DUS lender AmeriSphere Multifamily Finance. In addition, NorthMarq has long relationships with over 50 life companies, many CMBS platforms and hundreds of local, regional and national banks.