Retail - Debt

NorthMarq completes $20 million refinance of Foothill Rosemead Marketplace in North Pasadena, California

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.”

Financing Details:
– 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. 

As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of more than $14 billion, loan servicing portfolio of more than $61 billion and the multi-year tenure of our nearly 600 people.