Retail - Debt

NorthMarq Capital

NorthMarq Capital’s Los Angeles office arranges $4.2 million refinance of Laguna Palms in Elk Grove, California

LOS ANGELES (January 5, 2016) – Blake Melstrom, vice president of NorthMarq Capital’s Los Angeles office arranged the $4.2 million refinance of Laguna Palms, a 23,869 sq. ft. retail property located at 9105 Bruceville Road in Elk Grove, California. The transaction was structured with a 15-year term and 25-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company. The property’s major tenants include US Post Office and Goodwill.

“The subject is shadow-anchored by Target, but most of the tenants located at the subject consisted of local “mom and pop” businesses,” said Melstrom. “Although there was a potential for significant tenant rollover during the first two years of the loan term, the lender offered a 15-year fixed rate, nonrecourse loan.”

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 $13 billion, loan servicing portfolio of more than $57 billion and the multi-year tenure of our more than 500 people.