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June 15, 2024
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NorthMarq Arranges $14.8 Mil Refi on SoCal Retail Center


NorthMarq Capital arranged first mortgage refinancing of $14.75 mil for Conejo Valley Plaza II, a 90.9k sf retail center located in Thousand Oaks. Ralphs, Jo-Ann Fabric and Bank of America are the major tenants at the property.

Financing was based on a 20-year term and a 20-year amortization schedule. The loan was secured by a portion of a much larger shopping center with multiple owners, complicated CC&Rs and unusual CAM accounting. There was also substantial cash out to the existing mortgage.

Michael Elmore, executive vice president and managing director of NorthMarq’s Los Angeles regional office, arranged the financing, which was funded by a life insurance company lender.

“The lender was very aggressive in pricing this long-term cash-out financing,” said Elmore. “Some of the structural issues were mitigated by the conservative leverage, strong tenant base and great high income demographic area.”

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