Retail - Debt

NorthMarq Capital

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

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.”

As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of more than $14 billion, loan servicing portfolio of more than $61 billion and the multi-year tenure of our nearly 600 people.