May 19, 2017
NorthMarq Capital arranged the $46.5 million refinance of Redlands Town Center, a 251,621-square-foot retail property in Redlands, CA. JC Penney and Toys R’ Us represent the property’s major tenants. The center is located at 9900 to 10080 Alabama St.
NorthMarq’s Ory Schwartz arranged financing for the undisclosed borrower, through a conduit relationship with a CMBS lender. The transaction was structured with a 10-year interest-only loan.
“NorthMarq was successful both in mitigating the lender’s concern regarding the negative press on the anchor, JC Penney, and providing minimal structure for the potential rollover of the anchor tenants during the term of the loan,” said Schwartz. “The sponsor is an Orange County-based private firm that has a substantial retail portfolio throughout California.”
For comments, questions or concerns, please contact Dennis Kaiser