LOS ANGELES (December 1, 2016) – Mark Dodson, vice president of NorthMarq Capital’s Los Angeles-based regional office, arranged the $4.2 million refinance of a 73-room Best Western located in Mammoth Lakes, California. The transaction was structured with a 10-year fixed rate term with a 7-year rate reset and 17-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company.
“The borrower was interested in paying down the principal faster and having a longer-term loan than what was available through his bank,” explained Dodson. “NorthMarq was able to meet his requirements through its correspondent relationship with a life insurance company who had previously done a hospitality transaction in this market.”
About NorthMarq Capital
NorthMarq Capital, the largest privately held commercial real estate financial intermediary in the U.S., provides debt, equity and commercial loan servicing through its 36 offices nationwide. The company has built long-term relationships with life companies, CMBS platforms and local, regional and national banks, and has maintained a long track record of multifamily loan origination through Freddie Mac, Fannie Mae and FHA/HUD. The company closes more than $12.5 billion in commercial real estate loans annually and services a loan portfolio of more than $47 billion. For more information please visit www.northmarq.com