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8/31/15
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Newmark Realty Capital Inc has arranged $3.3 mil in refi money for Arden Plaza, a 13.2k sf, multi-tenant retail property in Sacramento. Mitch Zeemont, Principal in Newmark’s San Francisco office, assisted by Production Associate Stephen Scarpulla, arranged the financing for the borrower, a Sacramento-based real estate professional.
Newmark is the correspondent for the lender, Symetra Financial. The loan has a 12-year term and is based on a 25-year amortization schedule.
The property, located on Arden Way, was 100% leased at funding, and is shadow-anchored by Arden Fair Mall. It is directly across from the Arden Mall, the dominant regional mall. Arden Fair Mall is anchored by Sears, Nordstrom, JC Penny, & Macy’s.
The Market Square at Arden Fair Power Center, with Barnes & Noble, Toys “R” Us, Best Buy and a multi-screen movie theater, is also directly across the street. The list of other national retail chains within several blocks of the subject is extensive.
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