(To read more on the debt and equity markets, click here.)
HUNTINGTON BEACH, CA-The owner of a 31-suite office buildinghere has landed $6.5 million in financing that is designed toaccommodate the conversion of the suites into office condominiums,according to NorthMarq Capital. Ory Schwartz in the Newport Beachoffice of NorthMarq tells GlobeSt.com that the loan terms providethat, as the property is converted to office condominiums,individual units may be released from the collateral if the loan ispaid down accordingly.
Schwartz arranged the financing of $6.5 million for the purchaseof the property, which is a fully leased office building at 18377Beach Blvd. The lender is a local bank and the borrower is aNorthern California-based private investor.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
