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.”