Northmarq’s Los Angeles office finds creative solutions to secure $13.35 million refinance of Foothill Center in Corona, California
LOS ANGELES, CALIFORNIA (January 4, 2022) – Ory Schwartz, senior vice president/managing director of Northmarq’s Los Angeles deb/equity team, arranged the $13.35 million refinance of Foothill Center. The 33,848 sq. ft. unanchored retail strip property (the most recent addition was built in 2021) is located at 1987, 1999, 1905, 1957, 1973 Foothill Parkway in Corona, California. The permanent-fixed loan was structured with a 10-year term on a 30-year amortization schedule. Northmarq arranged financing for the borrower, Foothill Parkway Shopping Plaza, LLC, through its relationship with a CMBS conduit lender. Northmarq will also provide servicing for the loan.
The property is positioned at the intersection of Foothill Parkway and Interstate 15 (providing great visibility), as well as in close proximity to numerous single family residences, El Cerrito Sports Park, El Cerrito Library, El Cerrito Middle School. It is located within less than 10 minute drive from the North Main Corona Commuter Rail and West Corona Commuter Rail. Featured tenants include: Starbucks, The UPS Store, The Habit Burger Grill, Total Care (Urgent Care clinic), and Circle K.
