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Northmarq Arranges Refi on Granada Hills Low-Rise
Juda Penini, VP of Northmarq’s Los Angeles Debt + Equity team, secured the $13.5-million refinance of Moderno La Granada, a low-rise apartment community in Granada Hills. The mixed-use complex at 17454 Chatsworth St. features restaurant and retail space and 54 multifamily units.
Northmarq arranged financing on behalf of the borrower, a Southern California-based developer, through a correspondent relationship with a credit union. The transaction was structured on a 9-year term with a 30-year amortization schedule.
“This project helped bring high-quality units to a market with a low inventory pipeline. We are pleased to have secured the construction take-out loan for this brand-new asset on behalf of a valued client,” said Penini. “By leveraging Northmarq’s excellent lender relationships, we were able to negotiate attractive pricing and a favorable prepayment structure, along with execution certainty for the borrower.”
- ◦Financing
