Regions West
NorthMarq Arranges $45M Mortgage for Palm Grove Center
Aug 19, 2008

NorthMarq Capital Inc.’s Los Angeles regional office arranged first mortgage financing of $45 million for Palm Grove Center located in Redlands, Calif. Currently the retail property contains 245,052 square feet and upon completion of the last phase, a total of 251,052 square feet. Major tenants in the center include JC Penney and Babies/Toys R Us. Financing was based on a 3-year interest only term with two 1-year extensions and was arranged for the borrowers, Orange County based private investors, by NorthMarq through its relationship with a large regional bank.

 
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