Northmarq arranges $29.3M refinancing for landmark Koreatown multi-tenant retail property in LA
Photo credit: Northmarq
LOS ANGELES — Northmarq’s Newport Beach and Los Angeles Debt + Equity teams, led by Joe Giordani, Alex Kane, and Karl Weidell, successfully arranged a $29.3 million refinance for Chapman Market, a 41,241-square-foot multi-tenant dining and entertainment center located at 3465 W. 6th St. in Los Angeles.
Northmarq arranged financing on behalf of the borrower, Arc Capital Partners, through a correspondent relationship with Voya Investment Management.
This transaction demonstrated a true one Northmarq team approach, as the client relationship and financing opportunity originated with Bryan Ley and Tim Kuruzar of Northmarq’s National Shopping Centers Group. Ultimately, a refinance with a life insurance company within Northmarq’s correspondent network proved the right fit for the borrower’s needs.
“If you’ve been to this property, you know it sits at the epicenter of Koreatown’s vibrant nightlife,” Giordani said. “Given the trophy nature of the asset and the institutional quality of the sponsor, we were able to generate significant interest across a broad range of capital sources, including banks, life companies and debt funds. Ultimately, Voya emerged as the ideal partner, offering highly competitive terms and a strong reputation for execution and certainty of closing.”
Located in the heart of Los Angeles’ Koreatown, Chapman Market is an established shopping center that has served the community since 1928. The historic multi-tenant property is home to a variety of national and local tenants spanning dining and retail, with a strong concentration of Korean dining and specialty retail concepts.
Tenants include Club HUE, a private members’ club; Quarters Korean BBQ, Starbucks; Origin Korean BBQ; Shibuyala; Toebang Café; Escala Ktown; Danbi; Tiger Sugar Boba; BHC Chicken; Kazunori: The Original Handroll Bar and Uncle Tetsu.
Situated along West 6th Street, one of Koreatown’s primary commercial corridors, the property benefits from a dense surrounding population, strong foot traffic and access to one of Los Angeles’ most active dining and entertainment districts. Its curated tenant mix and longstanding presence within the neighborhood have helped establish Chapman Market as a destination for both residents and visitors.
Meet our team
Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $80 billion and has completed $91.3 billion in transactions over the past four years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide.
