Santa Monica Retail Receives $10M Refi
- Jan 14, 2019
NorthMarq has arranged $10 million in refinancing for Montana Avenue Retail, a 15,906-square-foot of retail space in Santa Monica, Calif. NorthMarq’s Los Angeles office secured the permanent-fixed rate loan, structured with a 10-year interest-only term through a CMBS lender on behalf of the borrower.
Situated at 1302-1316 Montana Ave., the retail center is located within a shopping district in Santa Monica around 1 mile from the city’s downtown. Additionally, the shopping center is close to Santa Monica Boulevard and Interstate 10 and is approximately 2 miles from Santa Monica Beach. The asset is also close to residential areas―there are approximately 15,000 units completed or under construction within a 3-mile radius, Yardi Matrix data shows. The retail asset features boutique style shops and was 95 percent leased at the time of the refinancing.
In May 2018, NortMarq arranged a $157.3 million construction-to-permanent loan for Menlo Gateway Phase II, a 16-acre master-planned development in Menlo Park, Calif.
Image courtesy of NorthMarq