LOS ANGELES (June 14, 2018) – Joe Giordani, vice president of NorthMarq Capital’s Los Angeles regional office, arranged the $8.5 million refinance of Richmond City Center, a 73,892 sq. ft. retail property located at 1100-1350 MacDonalad Avenue in Richmond, California. The transaction was structured with an 18-month term on a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a regional bank. Major tenants on the property include Walgreens, Foods Co. and Payless.
“Our client was facing a loan maturity coupled with an approaching lease maturity of his anchor tenant,” explained Giordani. “NorthMarq identified a bridge lender that was able to get comfortable with the collateral based on the strong sales of the grocer. The bridge loan will allow the client to extend the grocer and then refinance with one of NorthMarq’s preferred life insurance company lenders that provides best-in-class pricing.”
About NorthMarq Capital
NorthMarq Capital, the largest privately held commercial real estate financial intermediary in the U.S, provides debt, equity and commercial loan servicing through offices across the U.S. As a leader in capital solutions through long-term relationships with life companies, CMBS platforms and local, regional and national banks, the company also has a long track record of multifamily loan origination through Freddie Mac, Fannie Mae and FHA/HUD. The company services a loan portfolio of more than $52 billion and has over 300 loan origination experts in regional offices coast-to-coast. For more information please visit www.northmarq.com.