|
1/15/16
|
Redwood Mortgage recently closed a $14 mil refi loan on a fully-leased, multi-tenant retail property within a high-traffic shopping center in the Bay Area city of Concord, roughly 20 miles northeast of Oakland. The funding will enable the borrower, a CA-based private investor, to meet a timeline commitment of a maturing CMBS loan on the property.
The property is 101.7k sf in size and sits on a five-acre pad. The new loan will facilitate an improvement program for the property that will include new facades and other upgrades.
The financing has a three-year term, which will provide sufficient time for the borrower to reposition the property to attract institutional financing. The transaction was arranged by Lori Randich, VP-Loan Origination at Redwood Mortgage. The firm, founded in 1978, is en route to an expected $100 mil capital deployment in the next 12 months. Based in San Mateo, Redwood Mortgage and its affiliates have loaned nearly $2 bil over the past 35 years.
|
|
Return to the Archive page
|
|
|
|
|