Property Type Retail
Date October 14, 2021
Still owned and managed by the original developer, Northgate Plaza is cemented as one of Southern California’s premier neighborhood shopping centers.
Shopping Center’s Performance Highlights Resilience of Suburban Destination Retail; Life Company Lenders Offering Appealing Long-Term Loan Rates for Quality-Tenanted Centers; Northgate Tenants Include Bed Bath & Beyond, BevMo, Starbucks, Verizon, Fidelity Investments
Thousand Oaks, Calif. – Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured $31 million from a life company lender to refinance the Northgate Plaza Shopping Center in Thousand Oaks, an affluent suburban community located north of Los Angeles. The four-building center is adjacent to the Thousand Oaks Auto Mall and near additional destination retail centers. Northgate Plaza features several national credit tenants, including Bed, Bath & Beyond, BevMo, Starbucks, Verizon, and Fidelity Investments.
Gantry’s Tony Kaufmann and Mitchell Zeemont, with the firm’s San Francisco production office secured financing for the asset with an affiliated life company lender. The loan features a fixed-rate payment over a ten-year term with flexible prepayment and provided cash out proceeds to the property sponsor. Rate, while undisclosed, considered very favorable to historic norms.
According to Gantry’s Tony Kaufmann, “Still owned and managed by the original developer, Northgate Plaza is cemented as one of Southern California’s premier neighborhood shopping centers. As rates have moved up in recent weeks, this is an opportune window for investors to review financing options for quality retail properties like Northgate Plaza. Retail suffered from tremendous uncertainty in 2020, but we have seen resilience since then from essential suburban retail center assets. As a result, life company lenders are competing aggressively for qualified assets, particularly with these long-term, legacy hold loans for assets like Northgate Plaza.”
Northgate Plaza encompasses four-buildings located at 101-121 S. Westlake Blvd and 3980 E. Thousand Oaks Blvd in Thousand Oaks, Calif.