NorthMarq Capital arranges $6 million refinance of strip retail property in Ontario, California
Strip Retail Property
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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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.
