NorthMarq Capital's Los Angeles office arranges $7.9 million refinance of Vail Ranch Shopping Center in Temecula, California

Vail Ranch Shopping Center
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LOS ANGELES (May 1, 2017) – Michael T. Elmore, executive vice president/managing director of NorthMarq Capital’s Los Angeles regional office, secured the $7.9 million refinance of Vail Ranch Shopping Center, a 102,882 sq. ft. retail property located at 33105, 33125, 33145, 33165, 33175, 33205 and 33215 Temecula Parkway in Temecula, California. The transaction was structured with a 15-year term on a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company. Ralph’s Grocery and CVS Drugs represents the property’s major tenants. “State Farm did this loan 14 years ago and was very aggressive in locking a rate early and discounting the prepayment penalty on the old mortgage,” said Elmore. “The property is a great grocery/drug anchored center with low leverage and a strong surrounding residential area. The coupon on the new 15-year loan is 3.56% fixed.”

Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. For more information, visit www.northmarq.com.