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.
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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.
