NorthMarq Secures $3.75M Acquisition Loan For Office Property In Costa Mesa

An 18,133-SF office property located at 2729 Bristol Street in Costa Mesa, California, has undergone a financial transaction involving acquisition financing of $3,750,000. The loan was secured by the NorthMarq’s Los Angeles Debt + Equity team and is structured as a five-year, interest-only loan with a Loan-to-Value (LTV) ratio of approximately 50%. The financing deal was facilitated through a relationship with a repeat banking partner, with the borrower highlighting the Costa Mesa upzone overlay as an additional long-term development opportunity.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $3,750,000
• Address: 2729 Bristol Street
• Market: Costa Mesa
• Asset Size: 18,133 SF
• Loan Type: Acquisition
• Broker: Karl Weidell - NorthMarq

Karl Weidell, as part of the NorthMarq team, played a crucial role in securing the acquisition financing for the property on behalf of a local partnership. The transaction reflects a strategic decision by the borrower to leverage the local market's potential for development, enhancing their investment strategy over the period of the loan.