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10/16/15
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NorthMarq Capital arranged acquisition financing of $29.9 mil for two single-tenant bulk-distribution warehouse buildings totaling 568.7k sf in American Canyon, about 10 miles directly south of Napa in Northern California. The properties are located at 125 Mezzetta Court and 760 Hanna Drive in American Canyon.
NorthMarq’s Robert Hervey arranged the loan, which was funded through a life insurance company. The loan was structured with a 10-year term and 30-year amortization schedule.
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.”
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