NorthMarq’s Los Angeles office finalizes $10 million refinance of Montana Avenue Retail in Santa Monica, California
LOS ANGELES, CALIFORNIA (January 8, 2019) – David Blum, senior vice president/senior director of NorthMarq’s Los Angeles regional office, secured the $10 million refinance of Montana Avenue Retail, a 15,906 sq. ft. retail property located at 1302-1316 Montana Avenue in Santa Monica, California. The permanent-fixed rate loan was structured with a 10-year interest-only term. NorthMarq arranged financing for the borrower through its relationship with a CMBS lender.
The subject is a mixed use retail/office building containing 15,906 square feet of gross leasable area,” said Blum. “The building includes some boutiques, was 95 percent occupied at the time of financing and is located within a shopping district of Santa Monica. Santa Monica is a premier location with close proximity to the Pacific Ocean.”
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