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.”

NorthMarq Capital, the largest privately held commercial real estate financial intermediary in the U.S., provides debt, equity and commercial loan servicing through over 300 mortgage banking professionals in regional offices coast-to-coast and services a loan portfolio of more than $52 billion. In select markets, the company offers multifamily and manufactured housing investment sales through NorthMarq Multifamily. As a leader in capital solutions through long-term relationships with life companies, CMBS platforms and local, regional and national banks, the company also has a long track record of multifamily loan origination through Freddie Mac, Fannie Mae and FHA/HUD. For more information please visit www.northmarq.com.