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March 29, 2024
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RETAIL NEWS
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OC Retail Center Refinanced with $6 Mil Loan Provided by Chase Commercial Mortgage Lending

8/04/16

CBRE Capital Markets’ Debt & Structured Finance team has arranged a $6 mil refi loan on Newport Mesa Plaza, a 15k sf retail center in Costa Mesa. Located at 488 East 17th St, Newport Mesa Plaza also borders Newport Beach, one of the strongest markets in California.

Tenants of the retail center include Subway, Maxim Nails, Brite Clean Smiles, Los Primos Cantina restaurant, and several other local neighborhood tenants. The borrower, 3rd G Group, has owned the property since the early 1990s.

The seven-year, balance sheet, non-recourse loan has an interest rate in the low 3% range. Financing was provided by Chase Commercial Mortgage Lending, led by Shane Randall in San Diego. Jared Sobel, out of CBRE’s Midtown Manhattan office, facilitated the loan.





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