Northmarq’s Los Angeles office arranges $13.5 million refinancing of mixed-use property in Granada Hills, CA
GRANADA HILLS, Calif. (Aug. 8, 2024) — Juda Penini, vice president of Northmarq’s Los Angeles Debt + Equity team, secured the $13.5 million refinance of a low-rise apartment community in Granada Hills, California. The mixed-use complex features restaurant and retail space and 54 multifamily units.
Northmarq arranged financing on behalf of the borrower, a Southern California-based developer, through a correspondent relationship with a credit union. The transaction was structured on a 9-year term with a 30-year amortization schedule.
“This project helped bring high-quality units to a market with a low inventory pipeline. We are pleased to have secured the construction take-out loan for this brand-new asset on behalf of a valued client,” said Penini. “By leveraging Northmarq’s excellent lender relationships, we were able to negotiate attractive pricing and a favorable prepayment structure, along with execution certainty for the borrower.”
Ideally located on Granada Hills’ main commercial corridor, the property boasts convenient access to Cal State Northridge, the 118 and 405 Freeways and two large shopping centers, Granada Village Mall and The Granada Hills Mall. The mixed-use complex boasts an abundance of parking and a total of 57,222 square feet.
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