Northmarq’s Los Angeles office arranges $25.17 million refinance of Garden Grove neighborhood shopping center

LOS ANGELES (Feb. 5, 2024) — Karl Weidell, vice president of Northmarq’s Los Angeles Debt + Equity team, has secured the refinance of Garden Grove Plaza for $25.17 million. Ideally situated on a corner lot and a signalized intersection, the neighborhood shopping center was built in 1968 and features 134,364 rentable sq. ft. Northmarq arranged the permanent fixed-rate loan on behalf of the borrower, a private investment company, through a relationship within Northmarq’s life insurance network.

“The client requested a flexible fixed-rate loan since they believed their maturity coincided with a high interest rate environment. We were able to secure nonrecourse, balance-sheet financing with an insurance company who provided both a competitive interest rate, fixed for five years and flexible prepay open after year two,” said Weidell. 

“Given the lack of a credit-tenant grocer and non-traditional nature of the center, we were able to leverage our network to secure a great loan to provide flexible runway to a better lending environment.”

Garden Grove Plaza boasts excellent visibility and a diverse mix of tenants, attracting high foot traffic. The property is situated on approximately 12 acres at the busy intersection of Brookhurst and Westminster which brings approximately 3.3 million visitors per year. The shopping center is one of the busiest in Little Saigon with key tenants of Sushi Kura, Sunright Boba and Hoa Binh Supermarket.