NorthMarq Secures Financing for Two American Canyon Properties

LOS ANGELES – Robert R. Hervey, executive vice president/senior managing director of NorthMarq Capital’s Los Angeles office secured acquisition financing of $29.875 million for two single-tenant bulk-distribution warehouse buildings with a combined 568,700 sq.ft. located at 125 Mezzetta Court and 760 Hanna Drive in American Canyon, California. The transaction was structured with a 10-year term and 30-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a correspondent life insurance company. Both buildings are occupied by the same non-credit tenant, which created the challenge of tenant exposure in a smaller industrial market.

“The borrower is strong and experienced in owning and operating single tenant industrial buildings,” explained Hervey. “This lender likes high-quality industrial properties and has an existing relationship with the borrower in another market.”

West Coast Commercial Real Estate News