Juda Penini, the Vice President of Northmarq’s Los Angeles Debt + Equity team, successfully closed a $13.5 million refinancing deal for Moderno La Granada in Granada Hills. The property is a mixed-use complex located at 17454 Chatsworth St., featuring retail and restaurant space as well as 54 multifamily units.
Northmarq secured financing for the borrower, a developer based in Southern California, through their correspondent relationship with a credit union. The loan was structured with a term of nine years and an amortization schedule of 30 years.
According to Penini, this project has helped bring much-needed high-quality housing options to an area with limited inventory. He also expressed his satisfaction in securing the construction take-out loan for this new asset on behalf of their valued client by utilizing Northmarq’s strong relationships with lenders to negotiate competitive pricing and favorable terms that provide certainty for the borrower.
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