NorthMarq Capital arranges $6 million refinance of strip retail property in Ontario, California
SAN DIEGO (June 27, 2017) – Aaron Beck, vice president of NorthMarq Capital’s San Diego regional office, arranged a $6.0 million refinance of a strip retail property located in Ontario, California. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company. The project benefits from its location adjacent to the Ontario Mills Mall, as proven by strong historical occupancy and consistent rent growth in recent years.
“The existing bank loan was paid off with a long-term non-recourse loan at a low-four percent fixed interest rate,” said Beck. “It also provided the borrower a return of their equity.”
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