NorthMarq Capital’s Los Angeles office arranges $4.2 million refinance of Laguna Palms in Elk Grove, California
Laguna Palms
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.”
About Northmarq
Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
