Woodland Hills retail developer and property management firm NewMark Merrill Co. has provided two of its shopping centers with nearly $27 million in refinancing.
Bristol Warner Village Santa Ana received a more than $19 million refinance arranged by NewMark Chief Executive Sandy Sigal, Chief Operating Officer Susan Rorison, Senior Vice President James Patton and Chief Financial Officer Sandra Kist. The nearly 90,000-square-foot property recently underwent a major redevelopment and is 98.5 percent occupied, NewMark said.
The team also handled the $7.5 million refinance of the 80,000-square-foot Fort Collins Marketplace in Fort Collins, Colo. with additional work by Allen Ginsborg, managing director and principal, NewMark Merrill-Mountain States. That center, 96 percent full, recently leased space for a Starbucks.
The centers have undergone a lot of leasing and improvements recently, Sigal said.
“By recapitalizing these assets, we are able to accomplish our business plan of stabilizing them financially for the long-term,” he added in a statement.