NorthMarq Capital finalizes $30 million financing for a grocery-anchored retail center in San Diego, California
SAN DIEGO (September 10, 2015) – Michael Dobbins, senior vice president of NorthMarq Capital’s San Diego office arranged the $30 million refinance of Carmel Mountain Ranch Town Center, a 172,272 sq.ft. retail property in San Diego, California. The transaction was structured with a fully amortizing 25-year term. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company. Ralph’s, Rite Aid, Bank of America and McDonalds represent the property’s major tenants. “This transaction was the third loan the borrower has received from this correspondent life insurance company who provided a forward commitment. This enabled the borrower to take advantage of a significant drop in interest rates and avoided having to incur a prepayment penalty,” noted Dobbins.
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