NEWPORT BEACH, CALIFORNIA (January 8, 2020) – Joe Giordani, senior vice president/managing director of NorthMarq’s Newport Beach-based regional office finalized the $20 million refinance of Foothill Rosemead Marketplace. The 110,444 sq. ft. retail property is located at 3571 & 3677 East Foot Boulevard 255 and 305 North Rosemead Boulevard in North Pasadena (Los Angeles County), California.
“This was an early refinance with an existing lender. It featured significant cash-out and a significantly lower interest rate,” said Giordani. “NorthMarq was able to negotiate with the lender to have them waive the early prepayment penalty and blend it into the new 20-year fixed rate loan.”
– 20-year term
– 20-year amortization schedule
– NorthMarq arrange the permanent-fixed loan for the borrower through its correspondent relationship with PPM, a life insurance company.