LOS ANGELES (February 11, 2013) – Ory Schwartz, senior vice president and senior director of NorthMarq’s Los Angeles Regional office, arranged combined first mortgage refinancings of $5.1 million for two unanchored retail properties containing a combined total of 16,532 sq. ft. of retail space located in Santa Monica, California. • 1701 - 1703 Wilshire Boulevard contains 9,574 sq. ft. of retail space and is occupied by four tenants. The property was financed at $3.1 million. • 1092 - 1914 contain 6,958 sq. ft. of retail space and fully leased to Men’s Wearhouse and Brooks Shoes. The property was financed at $2 million Financing for these properties was based on a 10-year term and a 25-year amortization schedule. NorthMarq arranged this financing for the borrower through its relationship with a correspondent life company lender. “This transaction represents two separate loans on two properties less than a mile away from each other in a prime urban location in Santa Monica about 1 mile from the Santa Monica beach,” said Schwartz.
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 an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit www.Northmarq.com.
