CBRE Capital Markets’ Debt & Structured Finance team has arranged a $6.0 million loan for the refinance of Newport Mesa Plaza, a 14,995-square-foot retail center in Costa Mesa, California.

CBRE secured a seven-year, balance sheet, non-recourse loan in the low 3% range on behalf of 3rd G Group, who has owned the property since the early 1990s. Financing was provided by Chase Commercial Mortgage Lending, led by Shane Randall in San Diego, California.

Jared Sobel, vice president of CBRE’s Midtown Manhattan office, facilitated the loan on behalf of the borrower.

Mr. Sobel commented, “The financing markets reacted positively to this asset due to its strong location, and overall market in which it resides in, ultimately leading us to proceed with Chase. They provided an attractive structure and low interest rate and were able to offer the client an early rate lock."

Located at 488 East 17th Street in Orange County, Newport Mesa Plaza also borders Newport Beach, one of the strongest markets in California. Tenants of the retail center include Subway, Maxim Nails, Brite Clean Smiles, Los Primos Cantina restaurant, and several other local neighborhood tenants.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.