SAN BERNARDINO, CA-Owners of a 120,000-sf retail center here and a 45,000-sf office building in Tustin have lined up refinancing totaling $23.85 million, according to NorthMarq Capital. Ory Schwartz, a VP in the Newport Beach office of NorthMarq, reports that the shopping center owner refinanced to lower payments and pull cash out, while the office building ownership refinanced a bridge loan.
The shopping center is called SouthRidge Plaza and is located at 11613-11683 Cherry Ave. Owned by Redhill Investments LLC of Seattle and anchored by Ralph's and Rite Aid, it consists of 32 suites ranging from 857 sf to 45,000 sf on approximately 12.7 acres.
The property was refinanced with an $18.2 million loan that Schwartz secured from Lehman Bros. The new financing is a 10-year fixed rate loan with a 30-year amortization schedule, with the first three years interest-only.
In the Tustin deal, Schwartz reports that Mabela LLC of Los Angeles secured $5.65 million through Lehman Bros. to refinance a bridge loan that was a little over a year old. The new loan is a 10-year fixed rate financing with a 30- year amortization schedule and the first two years interest-only.
NorthMarq had originally funded a bridge loan for the borrower in January 2005, through its direct lending program. The borrower stabilized the asset, which enabled him to replace the bridge loan with permanent financing.
Schwartz notes that the deal for the new loan closed before the last tenants occupied the property. The office building comprises 10 suites ranging from 1,558 sf to 9,087 sf on approximately 2 acres.
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