LOS ANGELES—Lakewood Marketplace has secured $38 million to refinance the property. The property, which is anchored by a Fresh & Easy grocery store, Vons/Pavilions and Sears, secured a 10-year, interest only, cash-out loan through NorthMarq Capital.

“This was the third time we financed this asset for the borrower; we represent them exclusively on all of their assets,” Michael T. Elmore, EVP and managing director for NorthMarq Capital, tells GlobeSt.com. Elmore secured the funds on behalf of the borrower with his NorthMarq Capital colleague David R. Blum, SVP and senior director.

According to Elmore, the borrower came to them looking for $3 million cash out, which he says, “was an easy request.” The borrower had previously closed a 10-year interest-only loan on a lower level asset. “We told them we thought the market had gone their way and we would get 10 years interest-only on this too,” says Elmore. “We had four bids with full term interest-only, and we booked it.

The 215,574-square-foot property is located on Woodruff Avenue and South Street in Lakewood, CA, covering all four corners of the major intersection.

NorthMarq Capital arranged a similar 10-year interest-only term loan for $19 million for a retail and office property in Woodland Hills, CA. Located at 6325 & 6355 Topanga Canyon Blvd. in Woodland Hills, CA, the 164,312-square-foot property is occupied mainly by Fleming's & Roy's.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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