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.”