Updated Jan 28, 2025
Northmarq Secures $39.5 Million Refinance For Lakewood Marketplace Retail Center In Lakewood California
5420 Woodruff Avenue
$39,500,000
Building Size
—
Asset Type
Retail
Closing
Jan 24, 2025
About this deal
AI
Lakewood Marketplace is a grocery-anchored retail center located at 5420-5699 Woodruff Avenue in the Lakewood market. It spans 16 acres and includes notable tenants such as Ross, Grocery Outlet, and Ace Hardware. The property has undergone a cash-out refinance with a loan amount of $39.5 million at a sub-6% fixed rate.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $39,500,000
- Loan Type: Refinance
- Loan Terms: five-year, interest-only
- Broker: David Blum - NorthMarq
NorthMarq was responsible for arranging the refinance through a life company lender, facilitating the terms of the loan effectively for the property involved in this transaction.
Players
Lakewood Retail Market Snapshot
Boundary boundary · Retail · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.40%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93