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12/29/14
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In SoCal retail financing news from the fourth quarter of 2014, Newmark Realty Capital Inc assisted with the refinancing of two shopping centers, including the coordination of a defeasance process for one of the original loans. The properties consist of a 49.3k sf Petco-anchored shopping center located in the Grantville neighborhood of San Diego, and a 96.6k sf Ralphs Fresh Fare shadow-anchored shopping center located in Indio.
Jamie Dick, Vice President of Newmark’s San Diego office, assisted by Production Associate Jay Dick, coordinated the refinancing and defeasance processes for the borrower, a private investor in Southern California. The lender is a national bank. All other terms and conditions were not disclosed.
Grantville, one of the oldest communities in San Diego, is primarily a commercial and light industrial neighborhood. It contains businesses ranging from recording studios to a Home Depot, as well as dozens of small retail business, service firms, and factories.
Indio is located in the Coachella Valley, in Riverside County. It lies 23 miles east of Palm Springs, 127 miles east of Los Angeles and about 98 miles north of Mexicali, Baja California on the U.S.-Mexican border. The two major sectors of the local economy are year-round agriculture and tourism, although the majority of tourist activity is seasonal between October and May.
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