Northmarq’s Newport Beach office arranges $31.5M refinancing of Manhattan Gateway Shopping Center in Manhattan Beach, CA

MANHATTAN BEACH, Calif. — Northmarq’s Newport Beach Debt + Equity team led by Managing Director David Blum successfully secured the $31.5 million refinancing of Manhattan Gateway Shopping Center, an 82,000-sq.-ft. big box shopping center located at 1800 Rosecrans Avenue in Manhattan Beach, California.

Northmarq arranged the permanent fixed, internal refinancing on behalf of the borrower through a correspondent relationship with a national commercial mortgage-backed securities platform. The transaction was structured on a five-year interest-only term.

“We were successful in refinancing this marquee South Bay retail asset with unique structure and accommodations for our client,” Blum said.

Bulit in 1999, Manhattan Gateway Shopping Center is located on the corner of Rosecrans Ave and S Aviation Blvd. It is blocks from access to Interstate 405. Major tenants include Trader Joe’s, Barnes & Noble, Old Navy, and REI. It is roughly 2.5 miles from Manhattan Beach Pier and 17 miles south of downtown Los Angeles.