35-Year Lender Redwood Mortgage Announces $14 Million Refinance for San Francisco East Bay Retail Property; On Track to Lend $100 Million
San Mateo, CA (Jan. 2, 2016) — Redwood Mortgage, a family-owned private lender founded in 1978, announced today the closing of $14 million refinance of a fully-leased multi-tenant retail property in a Concord, CA high-traffic shopping center, part of an increasing number of loans Redwood Mortgage is funding en route to an expected $100 million capital deployment in the next 12 months. The transaction was arranged by Lori Randich, VP-Loan Origination for the firm.
The funding will facilitate an improvement program for the property including new facades and other upgrades. The transaction also helped meet a timeline commitment of a maturing CMBS loan on the property.
“Active local real estate owners and investors are capturing opportunities throughout California, and Redwood Mortgage provides more flexible and nimble capital versus traditional sources,” said CEO Michael Burwell. “We specialize in opportunity-capital in real estate lending, where borrowers have a particular need or challenge that typical lenders often can’t accommodate.”
Added Steve Belleville, Director of Sales and Marketing for Redwood Mortgage, “Our special-opportunity borrowers run the gamut of owners renovating property in the path of growth; private high-net-worth individuals who are already in real estate or are diversifying their stock-heavy portfolios with property; partnership and tax-motivated events such as Starker exchanges; and real estate components of trust-and-estate strategies.”
“Redwood Mortgage and its affiliates have loaned nearly $2 billion over 35 years, so we’ve literally seen just about everything and are able to quickly understand the property’s and borrower’s needs,” said Burwell.
About Redwood Mortgage
Founded in 1978, Redwood Mortgage is a second-generation family-held firm with 35 years of experience in arranging and funding mortgage loans in California. Based in San Mateo, CA, Redwood Mortgage and its affiliates have arranged nearly $2 billion in loans and currently manage a portfolio of over $275 million. Redwood Mortgage provides tailor-made funding solutions secured by residential, multifamily and commercial properties. The firm differentiates itself from traditional lenders with its single level of decision-making, no prepayment penalty on loans, its long-held expertise in commercial loan transactions and its in-house document production and funding. For more information, visit www.redwoodmortgage.com