NorthMarq Capital’s Los Angeles office arranges $3.3 million refinance for Turner Plaza in Rancho Cucamonga, California
LOS ANGELES (June 9, 2017) David Blum, senior vice president/senior director of NorthMarq Capital’s Los Angeles regional office, negotiated the refinance of a $3,300,000 CMBS loan for Turner Plaza, a 19,926 sq. ft. retail property located in Rancho Cucamonga, California. The transaction was structured with a 10-year term on a 30-year amortization schedule. “NorthMarq and its client, a privately held investment firm based in Rancho Cucamonga, were able to work the CMBS lender to overcome a difficult environmental issue that arose during the due diligence process,” said Blum. “The borrower’s long-term ownership, track record, and best-in-class management practices made the transaction a no-brainer for the conduit lender, and the client was able to take advantage of non-recourse financing under favorable market conditions.”
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