NorthMarq Capital arranged $22.5 million mortgage for Edinger Plaza in Huntington Valley, California
LOS ANGELES (January 31, 2013) – Michael Elmore, executive vice president and managing director, and Ory Schwartz, senior vice president and senior director, of NorthMarq’s Los Angeles regional office arranged first mortgage refinancing of $22.5 million for Edinger Plaza, a 155,275 sq. ft. retail center located in Huntington Beach, California. Nordstrom Rack. Dick’s Sporting Goods, PetSmart, and Michael’s are major tenants at the site. Financing was based on a 20-year term with 6-months interest only then a 19.5-year amortization schedule. NorthMarq arranged this financing for the borrower through its relationship with a correspondent life company. “This transaction was a 12-month forward commitment to take out a construction loan when the redevelopment of the center was estimated to be completed,” Elmore said. “NorthMarq was able to get the lender comfortable with numerous moving parts, including potential opening dates for the new anchors.”
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