Retail

NorthMarq Capital’s Los Angeles and San Francisco offices collaborate to arrange $10 million financing of Almaden Square

LOS ANGELES (March 13, 2017) – Dennis Sidbury, senior vice president of NorthMarq Capital’s San Francisco regional office and Robert Hervey, senior managing director of NorthMarq Capital’s Los Angeles regional office collaborated to secure the $10 million refinance of Almaden Square, a 89,174 sq. ft. retail property located at 5650 Almaden Expressway in San Jose, California. The transaction was structured with a 10-year initial term (call) on a 25-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company. Toys R’ Us and World Market (Cost Plus), represent the property’s major tenants.

“The key to this transaction was finding a great real estate-focused lender who could get their arms around short remaining lease terms without major structure in the financing,” explained Sidbury. “Fortunately the property is well located and the loan-to-value ratio is conservative. Additionally, the owners are strong and experienced.”

NorthMarq Capital, the largest privately held commercial real estate financial intermediary in the U.S., provides debt, equity and commercial loan servicing through its 36 offices across the U.S. The company has built long-term relationships with life companies, CMBS platforms and local, regional and national banks, with a long track record of multifamily loan origination through Freddie Mac, Fannie Mae and FHA/HUD. The company closes approximately $13 billion in commercial real estate loans annually and services a loan portfolio of more than $50 billion. For more information please visit www.northmarq.com.