NorthMarq Capital’s Los Angeles office arranges $5.85 million refinance for El Dorado in El Centro, California
LOS ANGELES (July 14, 2017) Ory Schwartz, managing director of NorthMarq Capital’s Los Angeles regional office, collaborated with Joe Giordani, vice president, to arrange refinancing of $5,850,000 for El Dorado, a 62,482 sq. ft. retail property located in El Centro, California. The transaction was structured with a 10-year term on a 30-year amortization schedule. NorthMarq arranged financing for the borrower through a conduit – CMBS lender. The center is anchored by Harbor Freight and Factory 2 U, and shadow anchored by a Cardenas Market. “This was a challenging deal,” said Schwartz. “The loan we refinanced was from the peak of the market in 2007 and only amortized for the last 5 years of the loan. The city of El Centro is a small market with challenges, but we were able to overcome the push back we received based on a thorough analysis of the subject within this market and some creative loan structuring.”
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