LOS ANGELES (February 11, 2013) – Ory Schwartz, senior vice president and senior director of NorthMarq’s Los Angeles Regional office, arranged combined first mortgage refinancings of $5.1 million for two unanchored retail properties containing a combined total of 16,532 sq. ft. of retail space located in Santa Monica, California.
• 1701 – 1703 Wilshire Boulevard contains 9,574 sq. ft. of retail space and is occupied by four tenants. The property was financed at $3.1 million.
• 1092 – 1914 contain 6,958 sq. ft. of retail space and fully leased to Men’s Wearhouse and Brooks Shoes. The property was financed at $2 million Financing for these properties was based on a 10-year term and a 25-year amortization schedule. NorthMarq arranged this financing for the borrower through its relationship with a correspondent life company lender.
“This transaction represents two separate loans on two properties less than a mile away from each other in a prime urban location in Santa Monica about 1 mile from the Santa Monica beach,” said Schwartz.