HUNTINGTON BEACH, CA-NorthMarq's Los Angeles regional office has arranged first-mortgage refinancing of $22.5 million for Edinger Plaza here on behalf of a borrower whose identity was undisclosed to GlobeSt.com. Nordstrom Rack, Dick's Sporting Goods, PetSmart and Michaels are major tenants at the site.
Michael Elmore, EVP and Ory Schwartz, managing director and senior director, both with NorthMarq, arranged the $22.5 million for the 155,275-square-foot retail center. Financing was based on a 20-year term with six months interest only, then a 19.5-year amortization schedule. NorthMarq arranged this financing for the borrower through its relationship with a correspondent life company.
According to Elmore, the transaction was a 12-month forward commitment to take out a construction loan when the redevelopment of the center was estimated to be completed. NorthMarq was able to get the lender comfortable with numerous moving parts, including potential opening dates for the new anchors.
The firm has been active in other Western and Southwestern markets as well. As GlobeSt.com previously reported, earlier this month the company's Denver regional office arranged refinancing of $24 million for Cherry Creek Club Apartments located at 5001 East Mississippi Ave. in Glendale, CO. And in December 2012, also as GlobeSt.com previously reported, NorthMarq arranged acquisition financing of $22,068,000 for Mountain Park Ranch Apartments in Phoenix.
In your area, is refinancing more readily available for apartments or for retail? Leave us your thoughts in the comment box below.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
