Dealmaker: Newmark Arranges $113M in Financing for San Fernando Valley Complex

(Image courtesy of Pendulum Property Partners & Affinius Capital)

Newmark, Washington, D.C., has arranged $113 million in financing for a mixed-use campus in Los Angeles’ San Fernando Valley.

Newmark’s Debt & Structured Finance team led by Co-President Jonathan Firestone alongside Vice Chairman Blake Thompson, Director Peter Mavredakis and Associate Director Jack Condon arranged the financing, which was provided by Rialto.

Called the Mix, the three-building, mixed-use campus has undergone recent capital improvements, driven by Pendulum Property Partners and Affinius Capital’s value-add execution, including converting office space to industrial use, the successful lease-up of prior vacancy and upgrades to tenant spaces.

It includes a diverse tenant base and more than 50% of the tenancy is investment-grade, with a weighted average lease term over six years.

“The Mix exemplifies the type of high-quality, credit-anchored campus that institutional lenders seek in today’s market,” said Firestone. “Its scale, diversified tenancy and recent capital program create a resilient cash flow profile and a compelling long-term investment for Affinius Capital and Pendulum Property Partners.”