Northmarq recently closed on external refinancing for a large retail property in Porter Ranch. The $35-million loan was arranged by SVP Ory Schwartz, managing director of Northmarq’s Los Angeles office. Located at 20039-20209 Rinaldi St and totaling 203,174 square feet, the Vineyards at Porter Ranch (built in 2019) is an institutional quality grocer-anchored retail center that life insurance companies are eager to have the loan on their books.
Northmarq structured a permanent fixed rate 10 year term with 30 year amortization schedule through its relationship with a life insurance company for the borrower’s benefit. After conducting an extensive process and evaluating multiple offers from correspondents, Northmarq secured terms most beneficial to the sponsor of this mixed use development featuring open air mall restaurants shops hotel movie theaters and apartments .
