LOS ANGELES, CALIFORNIA (April 27, 2023) — Northmarq recently closed on external refinancing for a large retail property in Porter Ranch, California. The $35 million loan was arranged by Ory Schwartz, senior vice president – managing director in Northmarq’s Los Angeles office. The Vineyards at Porter Ranch (built in 2019) is located at 20039-20209 Rinaldi St and totals 203,174 sq. ft.
Northmarq arranged financing for the borrower through its relationship with a life insurance company. The permanent-fixed rate loan was structured on a 10-year term on a 30-year amortization schedule. “The subject is an institutional quality, grocer-anchored retail center. This is the type of property that life insurance companies are eager to have the loan on their books,” said Schwartz. “Northmarq conducted a thorough process and ultimately, the sponsor selected one of Northmarq’s correspondent life companies that provided the most compelling terms.”
Situated just off of the busy Ronald Reagan Freeway, The Vineyards at Porter Ranch is a mixed-use development with an open-air mall, restaurants, shops, a hotel, movie theaters, and luxe apartments. The shopping center includes national retailers such as Whole Foods Market, Nordstrom Rack, AMC, and Ulta Beauty. The Vineyards at Porter Ranch is situated in one of the most affluent suburbs of Los Angeles and provides Porter Ranch residents best-in-class entertainment, dining, and shopping.