NEWPORT BEACH, CA—Robert Hervey, executive vice president/senior managing director of NorthMarq Capital's Newport Beach based regional office arranged the refinancing of three retail and mixed use properties, Harbor Place, La Paz Plaza and Plaza Alicia to provide combined loans of $27.125 million. NorthMarq worked closely with the borrower and the CMBS lender on all three transactions.
Harbor Place: This 7,990 square foot retail property, located at 1902 & 1906 Harbor Blvd, Costa Mesa, California, was refinanced at $4.2 million. The transaction was structured with a 10-year term and 30-year amortization schedule. Financing was provided by CCRE on a cash-out 1.25 debt coverage ratio. The loan paid off the existing loan.
La Paz Plaza: This 51,766 square foot mixed use property located at 26131, 26137, 26161 La Paz Road, Mission Viejo, California was refinanced at $17.7 million. This CCRE loan had similar terms as Harbor Place; however, this loan required additional structure due to some unanticipated last minute tenant movement.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
