SAN DIEGO—NorthMarq Capital's San Diego office arranged the $30 million refinance of Carmel Mountain Ranch Town Center, a 172,272 square foot retail property in San Diego. The transaction was structured with a fully amortizing 25-year term.
Michael Dobbins, senior vice president of the San Diego office executed the transaction. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company. Ralph's, Rite Aid, Bank of America and McDonalds represent the property's major tenants.
“This transaction was the third loan the borrower has received from this correspondent life insurance company who provided a forward commitment. This enabled the borrower to take advantage of a significant drop in interest rates and avoided having to incur a prepayment penalty,” noted Dobbins.
NorthMarq Capital, the largest privately held commercial real estate financial intermediary in the US, provides debt, equity and commercial loan servicing through its 36 offices across the country.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
