“Today's market is nearlyunrecognizable from a year ago,” John Marshall andJoe Giordani, VPs at NorthmarqCapital, say about the bridge lending market. The duorecently funded a $33.9 million bridge loan for an officeredevelopment project of 1, 3, 5, 7, 9 Corporate Park in Irvine onbehalf of borrower Kelemen Caamano Investments.The deal received interest from life insurance companies andpension funds to debt funds and banks as well as non-bank lenders,which the borrower ultimately chose for the deal. Marshall andGiordani say that the bridge lending market has taken off in thelast 18 months, and office redevelopment projects are an attractivedeal for the group. We sat down with Marshall and Giordani to talkabout the demand for office redevelopment projects, this recentdeal, and how the bridge lending market has changed.

GlobeSt.com: You were able to identify severallending groups for this project. In general, what is lenderdemand/appetite like for redevelopment office projects in OrangeCounty?

Joe Giordani: Even with risinginterest rates, there is so much global capital chasing yield thatbridge pricing and liquidity has become extremely aggressive in thepast 18 months. Today's market is nearly unrecognizable from a yearago, with a number of new bridge lenders that have popped up. Allof these lenders need to write loans, and don't have the luxury ofwaiting.