ESCONDIDO, CA—The Orange County office of Berkadia Commercial Mortgage LLC recently provided $16.5 million in financing for a 189,000 square foot retail property located here. Vice presidents Zane Sweet and Ed Kim secured the fixed-rate, fully amortizing financing through lender John Hancock.

The borrower will use the loan to refinance existing debt on Escondido Village, a grocery-anchored retail property. Berkadia marketed the financing opportunity to life companies in order to select a lender able to accommodate a flexible, long-term financing structure amid credit market volatility and a limited ground-lease term remaining on the property. The 25-year loan features a 4.5% interest rate.

“Berkadia possesses a formidable competitive advantage in our relationships with life companies,” said Sweet. “Because we have a strong track record of working with these lenders—and John Hancock in particular—we were able to achieve our client's desired financing structure at very attractive terms and with seamless execution.”