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9/04/18
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NEWMARK -- Patrick Barkley and Chad Metzger with NewmarkŪ have arranged $18.7 mil in long-term, non-recourse financing for ground floor retail at The Village at Mammoth, located in Mammoth Lakes, CA. Built in 1999, the subject property contains approximately 58k sf of ground floor retail with an excellent mix of shops and restaurants, all catering to the needs of an elite ski resort. The property is currently 92% leased with a complimentary mix of tenants. Situated at the base of the gondola of the world-renowned Mammoth Mountain Ski Area, the property is a popular gathering place in the town of Mammoth Lakes. With a vibrant mix of unique shops, galleries, restaurants, cafe's, bars, nightlife and world class accommodations, The Village has become the new heart and soul of this already highly successful year round destination resort. The 10-year, interest-only acquisition financing was funded through a CMBS lenders.
NORTHMARQ CAPITAL -- David Blum with NorthMarq Capital secured $7.6 mil in financing for two properties in Chula Vista. One of the deals was a $3.8 mil refi loan for Palomar Retail Center, a 38.1k sf property with Hometown Buffet as a major tenant. The property is located at 651 Palomar St. The transaction was structured with a 10-year term on a 25-year amortization schedule with four-month forward rate lock. The other transaction was a $3.8 mil refi on Palomar Industrial, a 78.7k sf proeprty located at 657-681 Palomar St. The transaction was also structured with a 10-year term on a 25-year amortization schedule with four-month forward rate lock. The loans were funded through a life company.
IBORROW -- iBorrow has provided a $6.4 mil loan for a one-story, 16.6k sf industrial warehouse and parking lot located at 3950 Wynkoop St in Denver, with plans to build a two-story structure above the current parking lot and a second story above the current warehouse. A key factor contributing to the current value and importance of the property is the significant development and re-development activity in the immediate area. Currently, numerous re-development projects in close proximity to the property include a 4,000-person concert venue, a large mixed-use project that includes a 159-room hotel, retail space, an office component anchored by HomeAdvisor, as well as a re-purposed, industrial building with retail/restaurant use that is fully operational.
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