NorthMarq Capital’s Los Angeles office finalizes $6 million refinance of Skyline Center in Thousand Oaks, California

LOS ANGELES (May 10, 2016) – Joe Giordani, vice president of NorthMarq Capital’s Los Angeles-based regional office, arranged the $6 million refinance of Skyline Center, a 36,900 sq. ft. retail property located in Thousand Oaks, California. The transaction was structured with a 10-year term and a 30-year amortization schedule. Highlights of the financing included a 7-year fixed rate that will switch to floating for the last three years. The non-recourse loan featured a 60 percent loan to value, an early rate lock, and a step-down prepay schedule. NorthMarq arranged financing for the borrower through its relationship with a national bank. “This borrower is very attentive in their approach to managing this property and the bank recognized that and got very comfortable with the deal regardless of the anchor tenant vacating a few years prior to the refinance. This bank is great to deal with and pays for appraisal, environmental, and title,” explained Giordani. “They also do not require SNDAs or estoppels. They have low fees and are very flexible during the underwriting process. While the loan was originally quoted at $5.5 million, when the appraisal came back higher than expected, they upsized the loan to $6 million without any issues. This is a common request from borrowers but lenders often do not change the loan amount. Additionally, this bank locks rate early in the process for a two percent refundable deposit. They also offer the opportunity to refinance after two years without any prepayment penalty. This gives the borrower the ability to upsize the loan should the property economics warrant it.”