Northmarq’s Newport Beach office successfully arranges the $39.5 million refinance of Lakewood Marketplace
LAKEWOOD, Calif. (Jan. 7, 2025) — Northmarq’s Newport Beach Debt + Equity team led by David Blum successfully arranged the $39.5 million refinance of Lakewood Marketplace, a grocery-anchored multi-tenant shopping facility located at 5420-5699 Woodruff Ave in Lakewood, California.
Northmarq arranged financing on behalf of the borrower through a correspondent life company lender. The permanent-fixed rate internal refinance was structured on a five-year, interest-only term, well below 6.0%.
“We were able to structure a cash-out refinance request on this high-quality grocer-anchored retail asset for our client,” said Blum.
Lakewood Marketplace encumbers all four corners at the intersection of South Street and Woodruff Avenue, which combine for more than 45,000 cars per day, and is in close proximity to food options, shopping and convenience stores. The property sits on 16 acres of land and features national and regional tenants, including Ross Dress For Less, Grocery Outlet, Ace Hardware, Daiso plus numerous others.
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