NorthMarq's Los Angeles office completes $46.5 million refinance of Redlands Town Center in Redlands, California
LOS ANGELES (May 15, 2017) – Ory Schwartz, senior vice president/managing director of NorthMarq Capital’s Los Angeles regional office, arranged the $46.5 million refinance of Redlands Town Center, a 251,621 sq. ft. retail property located at 9900-10080 Alabama Street in Redlands, California. The transaction was structured with a 10-year interest only loan. NorthMarq arranged financing for the borrower through its conduit relationship with a CMBS lender. JC Penny and Toys R’ Us represent the property’s major tenants. “NorthMarq was successful both in mitigating the lender’s concern regarding the negative press on the anchor, JC Penny, and providing minimal structure for the potential rollover of the anchor tenants during the term of the loan,” said Schwartz. “The sponsor is an Orange County-based private firm that has a substantial retail portfolio throughout California.”
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