Northmarq’s Newport Beach and Los Angeles Debt + Equity teams, led by Joe Giordani, Alex Kane, and Karl Weidell, arranged a $29.3-million refinance for Chapman Market, a historic 41,241-square-foot multi-tenant dining and entertainment center located at 3465 W. 6th St. in Los Angeles. Northmarq arranged the financing on behalf of the borrower, Arc Capital Partners, through a correspondent relationship with Voya Investment Management.
The client relationship and financing opportunity originated with Bryan Ley and Tim Kuruzar of Northmarq’s National Shopping Centers Group. According to the source, a refinance with a life insurance company within Northmarq’s correspondent network proved the right fit for the borrower’s needs. Giordani described the property as sitting “at the epicenter of Koreatown’s vibrant nightlife” and said the trophy nature of the asset and the institutional quality of the sponsor generated significant interest across banks, life companies, and debt funds.
The selection of Voya as the lender suggests the borrower prioritized execution certainty and competitive terms over the broadest possible capital pool. Giordani said Voya “emerged as the ideal partner, offering highly competitive terms and a strong reputation for execution and certainty of closing.” That framing implies the refinance was competitive, but the source does not disclose the interest rate, loan term, amortization schedule, or whether proceeds replaced maturing debt or extracted equity.
What remains unknown is the property’s current occupancy, tenant mix, or net operating income, and the source does not state whether the refinance reduced debt service or funded capital improvements. The evidence comes from a single secondary trade publication, so the transaction details have not been independently corroborated by borrower or lender statements.