NorthMarq Capital arranged $11.85 million mortgage for Simi Valley Promenade in Simi Valley, California
Simi Valley Promenade
LOS ANGELES (May 20, 2013) – David Blum, vice president of NorthMarq’s Los Angeles regional office, arranged first mortgage refinancing of $11.85 million for Simi Valley Promenade, a 82,333 sq. ft. retail center located at 5105-5197 E. Los Angeles Avenue in Simi Valley, California. Albertson’s grocery store is the major tenant at the site. Financing was based on a 10-year term and a 30-year amortization schedule. NorthMarq arranged this financing for the borrower through its relationship with a CMBS lender. “This transaction, which included $2 million cash-out, was challenging to navigate with moving parts in the corporate restructuring of Albertsons as the anchor tenant,” said Blum.”
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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.
