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December 3, 2023
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Commercial Real Estate Financing Briefs


MERIDIAN CAPITAL GROUP - Seth Grossman, Sarah Kuebler and Eric Schleif with Meridian Capital Group arranged $45 mil in financing for McCarthy Ranch Marketplace, a 266k sf retail property in Milpitas. Located at 15-251 Ranch Dr, McCarthy Ranch Marketplace is an open-air regional retail center shadow-anchored by a Walmart Supercenter. Constructed in 1995, the property spans 25 acres and benefits from its advantageous location directly adjacent to the I-880 corridor, one of the busiest interstates in the San Francisco Bay area, connecting more than 300,000 people per day to numerous technology companies located within a five-mile radius. The sponsor acquired McCarthy Ranch Marketplace in 2012 and has since invested significant capital to entirely reposition and stabilize the center. McCarthy Ranch Marketplace is currently more than 95% leased with notable tenants including Best Buy, Ross, Michaels, US Cricket, Big Alís, and Sportsmanís Warehouse. The 10-year CMBS loan refinanced the existing debt and features a fixed rate and full-term interest-only payments.

VENTURE WEST FUNDING - Jean-Marc Herrouin of Venture West Funding arranged a $24.7 mil refi loan on Ventura Townehouse, a 299-unit luxury retirement living community with comprehensive resident services. The complex features fine dining options, on-site entertainment & fitness programs, a wellness center, beauty salon, and much more. Assisted living, memory care, and respite care services are available to residents. The non-recourse 10-year fixed rate loan, which was funded through Walker & Dunlop, includes two years interest-only payments.

NORTHMARQ CAPITAL Ė David Blum with NorthMarq Capital arranged a $6.4 mil refi loan on a 15.1k sf office property located at 100 Newport Center Drive in Newport Beach. Built in 1975, the property is currently vacant and is being renovated. The loan has a three-year term with two 12-month extension options for one percent fee per extension. Thepermanent-fixed loan has three years of interest-only payments.

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