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MODESTO, CALIF. — Newmark has placed $28 million in long-term, fixed-rate non-recourse financing for NorthPointe Shopping Center located on Pelandale Avenue in Modesto. The name of the borrower was not disclosed.
Save Mart Supermarket anchors the 180,300-square-foot shopping center. Additional tenants include Cost Plus World Market, Starbucks Coffee, Jamba Juice, Verizon Wireless and H&R Block.
Mitchell Zeemont of Newmark arranged the 15-year, fixed-rate term loan with a 30-year amortization schedule. One of the firm’s correspondent life insurance company lenders, Genworth Life Insurance Co., provided the capital.