NorthMarq completes $20 million refinance of Foothill Rosemead Marketplace in North Pasadena, California
NEWPORT BEACH, CALIFORNIA (January 8, 2020) – Joe Giordani, senior vice president/managing director of NorthMarq’s Newport Beach-based regional office finalized the $20 million refinance of Foothill Rosemead Marketplace. The 110,444 sq. ft. retail property is located at 3571 & 3677 East Foot Boulevard 255 and 305 North Rosemead Boulevard in North Pasadena (Los Angeles County), California.
“This was an early refinance with an existing lender. It featured significant cash-out and a significantly lower interest rate,” said Giordani. “NorthMarq was able to negotiate with the lender to have them waive the early prepayment penalty and blend it into the new 20-year fixed rate loan.”
Financing Details:
- 20-year term
- 20-year amortization schedule
- NorthMarq arrange the permanent-fixed loan for the borrower through its correspondent relationship with PPM, a life insurance company.
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Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. For more information, visit www.northmarq.com.
