Northmarq arranges $16.25M refinancing loan for La Quinta shopping center

Old Town La Quinta

Debt & Equity

Shopping Center

Multi-Tenant

LA QUINTA, Calif. — Northmarq’s St. Louis team of Eugene Harris and Dylan Erwin secured $16.25 million in permanent financing for Old Town La Quinta, a multi-tenant lifestyle center located at 78015 Main St. in La Quinta, California.

In addition to arranging the financing on behalf of the borrower. Northmarq also coordinated the defeasance of the existing CMBS loan. The loan was structured on a 5-year term.

“The sponsor was able to retire his existing debt and cash out a sizeable sum through the recapitalization,” said Harris.

Built in 2007, Old Town La Quinta is a four building, 82,796-sq.-ft. premier dining and shopping center situated in the city center and near the Santa Rosa Mountains. Serving as a gathering place and main street for the La Quinta community, Old Town La Quinta features over 30 restaurants, boutiques, salons and service providers.

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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.