Northmarq has arranged a $29.3 million refinancing for Chapman Market, a historic multi-tenant dining and entertainment center in the Koreatown neighborhood of Los Angeles. The 41,241-square-foot property is located at 3465 W. 6th St. and is described as being at the heart of Koreatown’s nightlife district.
Northmarq’s Newport Beach and Los Angeles Debt + Equity teams led the assignment, with Joe Giordani, Alex Kane, and Karl Weidell heading the effort. The firm arranged the financing on behalf of the borrower, Arc Capital Partners, through a correspondent relationship with Voya Investment Management.
The refinancing was sourced within Northmarq’s National Shopping Centers Group, where the client relationship and the financing opportunity originated with Bryan Ley and Tim Kuruzar. Following that initial engagement, Northmarq evaluated capital options and ultimately executed a refinance with a life insurance company within its correspondent network that aligned with the borrower’s requirements.
Giordani noted that Chapman Market sits at the epicenter of Koreatown’s nightlife and characterized the property as a trophy asset backed by an institutional-quality sponsor. He said that, on the strength of the asset and sponsorship, Northmarq generated substantial interest from a range of capital sources, including banks, life companies, and debt funds.
Among those potential lenders, Voya Investment Management emerged as the selected financing partner. According to Giordani, the lender offered highly competitive terms and brought a strong reputation for execution and certainty of closing, which matched Arc Capital Partners’ objectives for the refinancing.
The transaction underscores ongoing lender engagement for well-located, historic retail assets with multi-tenant food, beverage, and entertainment concepts, particularly in dense urban neighborhoods with established nightlife and foot traffic drivers. It also highlights the continued role of correspondent life insurance companies in providing long-term, fixed-income capital for institutional sponsors in the retail sector.
