NorthMarq Capital arranges $10 million bridge loan for Ridgeview Plaza in Reno, Nevada
Ridgeview Plaza
LOS ANGELES (September 30, 2013) – David Blum and Michael Elmore of NorthMarq’s Los Angeles regional office, and in cooperation with Thomas J. Powell of NorthMarq’s Las Vegas regional office (Nevada License: 48816) arranges bridge loan of $10 million for the refinancing of Ridgeview Plaza, a 90,785 sq. ft. grocery anchored retail center located at 5110-5150 Mae Anne Avenue in Reno, Nevada. Safeway and Kohl’s are major tenants at the site. Financing was based on a 2-year interest-only term with a 1-year extension option. NorthMarq arranged this financing for the borrower through its relationship with a specialty finance REIT. “This transaction was highly challenging due to the Reno market, the anchor tenant lease maturing in January 2014 and the environmental story to navigate,” Blum said.
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Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
