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“Today’s market is nearly unrecognizable from a year ago,” John Marshall and Joe Giordani, VPs at Northmarq Capital, say about the bridge lending market. The duo recently funded a $33.9 million bridge loan for an office redevelopment project of 1, 3, 5, 7, 9 Corporate Park in Irvine on behalf of borrower Kelemen Caamano Investments. The deal received interest from life insurance companies and pension funds to debt funds and banks as well as non-bank lenders, which the borrower ultimately chose for the deal. Marshall and Giordani say that the bridge lending market has taken off in the last 18 months, and office redevelopment projects are an attractive deal for the group. We sat down with Marshall and Giordani to talk about the demand for office redevelopment projects, this recent deal, and how the bridge lending market has changed.

GlobeSt.com: You were able to identify several lending groups for this project. In general, what is lender demand/appetite like for redevelopment office projects in Orange County?

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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