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. The Vineyards at Porter Ranch (built in 2019) is located at 20039-20209 Rinaldi St and totals 203,174 square feet.
Northmarq secured financing for the borrower through its relationship with a life insurance company. This permanent-fixed rate loan was structured on a 10-year term with 30 years amortization schedule.
“The subject is an institutional quality, grocer-anchored retail center,” said Schwartz.”This type of property is highly sought after by life insurance companies and Northmarq conducted an extensive process to select the correspondent life company that provided the most compelling terms.”
The Vineyards at Porter Ranch consists of mixed uses including open air mall, restaurants, shops, hotel accommodations , movie theaters and apartments .
Northmarq successfully arranges refinance for mixed use development in Porter Ranch; providing $35 million loan from Life Insurance Company offering competitive terms over 10 year period .
