Greg Richardson, Managing Director, and Scott Watson, Vice President, of Johnson Capital’s Irvine office, have arranged a $7 mil loan secured by a single-tenant, 45k sf retail property in Costa Mesa. Richardson and Watson were engaged by the property owner, a Pacific Northwest-based investor, to refinance the maturing debt.
The property, located at 665 Paularino Ave, is occupied by the Mitsuwa Marketplace. The single-story steel-frame, concrete tilt-up building was constructed in 1991 and houses a Japanese market as well as a number of specialty shops and restaurants. The property is located just east of Bristol St within the triangle formed by the Costa Mesa (55) Fwy, San Diego (405) Fwy and the San Joaquin Toll Road (73).
The new loan, which was provided by a regional bank, is non-recourse and carries a fixed interest rate for the 15-year term. Commenting on the transaction, Watson said, “This structure accommodated our client’s desire for prepayment flexibility and an excellent long-term fixed rate.”
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