NorthMarq Capital secures $6.8 million refinance of strip retail property in Rancho Cucamonga, California
Strip Retail Property
SAN DIEGO (November 14, 2016) – Aaron Beck, vice president of NorthMarq Capital’s San Diego regional office, arranged the $6.8 million refinance of a strip retail property located in Rancho Cucamonga, California. NorthMarq arranged financing for the borrower through its relationship with a CMBS lender. The project is well located within its submarket, as evidenced by strong historical occupancy and consistent rent growth in recent years. The property also benefits from its close proximity to major retailers and regional thoroughfares. “The purpose of the refinance was to take out a maturing CMBS loan that was originated at the peak of the market and included very little amortization,” said Beck. “The lender was able to accommodate a low debt yield in order to keep the borrower from coming out of pocket with additional equity. The loan was structured with interest-only payments and a mid-four percent interest rate.”
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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.
