Commercial Real Estate Loans Refinancing Commercial Real Estate Commercial Mortgage 10 Year Fixed Rate 30 Year Amortization
A commercial mortgage is a mortgage loan secured by commercial property, such as an office building, shopping center, industrial warehouse, or apartment complex. The proceeds from a commercial mortgage are typically used to acquire, refinance, or redevelop commercial property.
Commercial mortgages are structured to meet the needs of the borrower and the lender. Key terms include the loan amount (sometimes referred to as "loan proceeds"), interest rate, term (sometimes referred to as the "maturity"), amortization schedule, and prepayment flexibility. Commercial mortgages are generally subject to extensive underwriting and due diligence prior to closing. The lender's underwriting process may include a financial review of the property and the property owner (or "sponsor"), as well as commissioning and review of various third-party reports, such as an appraisal.
There were $3.1 trillion of commercial and multifamily mortgages outstanding in the U.S. as of June 30, 2013. Of these mortgages, approximately 49% were held by banks, 18% were held by asset-backed trusts (issuers of CMBS), 12% were held by government-sponsored enterprises and Agency and GSE-backed mortgage pools, and 10% were held by life insurance companies.
Commercial mortgages can be structured as first liens or, if a greater loan amount is desired, the borrower may be able to obtain subordinate financing as well, sometimes structured as a mezzanine note or as preferred equity, which generally carries a higher interest rate.
Interest rates for commercial mortgages may be fixed-rate or floating rate. Fixed-rate mortgages on stabilized commercial real estate are generally priced based on a spread to swaps, with the swap spread matched to the term of the loan. Market interest rates as well as underwriting factors greatly affect the interest rate quoted on a particular piece of commercial real estate. Interest rates for commercial mortgages are usually higher than those for residential mortgages.
Many commercial mortgage lenders require an application fee or good-faith deposit, which is typically used by the lender to cover underwriting expenses such as an appraisal on the property. Commercial mortgages may also have origination or underwriting fees (paid at close as a reduction in loan proceeds) and/or exit fees (paid when the loan is repaid).
The term of a commercial mortgage is generally between five and ten years for stabilized commercial properties with established cash flows (sometimes called "permanent loans"), and between one and three years for properties in transition, for example, newly opened properties or properties undergoing renovation or repositioning (sometimes called "bridge loans"). Mortgages on multifamily properties that are provided by a government-sponsored enterprise or government agency may have terms of thirty years or more. Some commercial mortgages may allow extensions if certain conditions are met, which may include payment of an extension fee. Some commercial mortgages have an "anticipated repayment date," which means that if the loan is not repaid by the anticipated repayment date, the loan is not in default.
Commercial mortgages frequently amortize over the term of the loan, meaning the borrower pays both interest and principal over time, and the loan balance at the end of the term is less than the original loan amount. However, unlike residential mortgages, commercial mortgages generally do not fully amortize over the stated term, and therefore frequently end with a balloon payment of the remaining balance, which is often repaid by refinancing the property. Some commercial mortgages have an interest-only period at the beginning of the loan term during which time the borrower only pays interest.
Commercial loans vary in their prepayment terms, that is, whether or not a real estate investor is allowed to refinance the loan at will. Some portfolio lenders, such as banks and insurance companies, may allow prepayment flexibility. In contrast, for a borrower to prepay a conduit loan, the borrower will have to defease the bonds, by buying enough government bonds (treasuries) to provide the investors with the same amount of income as they would have had if the loan was still in place.
A commercial mortgage is typically taken on by a special purpose entity such as a corporation or an LLC created specifically to own just the subject property, rather than by an individual or a larger business. This allows the lender to foreclose on the property in the event of default even if the borrower has gone into bankruptcy, that is, the entity is "bankruptcy remote".
Commercial mortgages may be recourse or non-recourse. A recourse mortgage is supplemented by a general obligation of the borrower or a personal guarantee from the owner(s) of the property, which makes the debt payable in full even if foreclosure on the property does not satisfy the outstanding balance. A nonrecourse mortgage is secured only by the commercial property that serves as collateral. In an event of default, the creditor can foreclose on the property, but has no further claim against the borrower for any remaining deficiency.
If a sponsor is seeking financing on a portfolio of commercial real estate properties, rather than a single property, the sponsor may choose to take out a cross-collateralized loan, in which the all of the properties collateralize the loan.
Lenders may require borrowers to establish reserves to fund specific items at closing, such as anticipated tenant improvement and leasing commission (TI/LC) expense, needed repair and capital expenditure expense, and interest reserves.
Lenders usually require a minimum debt service coverage ratio which typically ranges from 1.1 to 1.4; the ratio is net cash flow (the income the property produces) over the debt service (mortgage payment). As an example if the owner of a shopping mall receives $300,000 per month from tenants, pays $50,000 per month in expenses, a lender will typically not give a loan that requires monthly payments above $227,273 (($300,000-$50,000)/1.1)), a 1.1 debt cover.
Lenders also look at loan to value (LTV). LTV is a mathematical calculation which expresses the amount of a mortgage as a percentage of the total appraised value. For instance, if a borrower wants $6,000,000 to purchase an office worth $10,000,000, the LTV ratio is $6,000,000/$10,000,000 or 60%. Commercial mortgage LTV's are typically between 55% and 70%, unlike residential mortgages which are typically 80% or above.
Lenders look at rents per square foot, cost per square foot and replacement cost per square foot. These metrics vary widely depending on the location and intended use of the property, but can be useful indications of the financial health of the real estate, as well as the likelihood of competitive new developments coming online.
Since the financial crisis, lenders have started to focus on a new metric, debt yield, to complement the debt service coverage ratio. Debt yield is defined as the net operating income (NOI) of a property divided by the amount of the mortgage.
Lenders typically do thorough extreme due diligence on a proposed commercial mortgage loan prior to funding the loan. Such due diligence often includes a site tour, a financial review, and due diligence on the property's sponsor and legal borrowing entity. Many lenders also commission and review third-party reports such as an appraisal, environmental report, engineering report, and background checks.
Providers of commercial mortgages
Banks, large and small, are traditional providers of commercial mortgages. According to the Federal Reserve, banks held $1.5 trillion of commercial mortgages on their books as of June 30, 2013.
Conduit lenders originate commercial mortgages and hold them as investments for a short period of time before securitizing the loans and selling CMBS secured by the underlying commercial mortgage loans. Conduit lenders include both banks and non-bank finance companies. Approximately $560 billion of commercial mortgages were held by issuers of CMBS as of June 30, 2013, according to the Federal Reserve.
Securitization of commercial mortgages in its current form began with the Resolution Trust Corporation's (or RTC's) commercial securitization program in 1992-1997. The RTC applied an approach similar to the one it had begun successfully using with residential mortgages, issuing multiple tranches of securities secured by diversified pools of commercial mortgage loans. Following the introduction of the securitization methods by the RTC, private banks began to originate loans specifically for the purpose of turning them into securities. These loans are typically structured to forbid prepayment beyond a specified amortization schedule. This makes the resultant securities more attractive to investors, because they know that the commercial mortgages will remain outstanding even if interest rates decline.
New CMBS issuance peaked in 2007 at $229 billion. Then, the subprime mortgage crisis and the resultant global financial crisis caused CMBS prices to fall dramatically, and new issuances of CMBS securities came to a virtual halt in 2008-2009. The market has begun to recover, with $12 billion in new issuance in 2010, $37 billion in new issuance in 2011, and $48 billion in new issuance in 2012.
Government-sponsored enterprises such as Fannie Mae and Freddie Mac, as well as government corporations such as Ginnie Mae, are active lenders for multifamily commercial real estate (that is, apartment buildings) in the United States. Approximately $390 billion of multifamily residential mortgages were held by government-sponsored enterprises or Agency and GSE-backed mortgage pools as of June 30, 2013, representing 12% of total commercial mortgages outstanding and 43% of multifamily commercial mortgages outstanding at that time.
Insurance companies are active investors in commercial mortgages, and hold approximately $325 billion of commercial mortgages as of June 30, 2013.
Mortgage brokers do not provide commercial mortgage loans, but are often used to obtain multiple quotes from different potential lenders and to manage the financing process.
Correspondent Lenders do not loan their own money, but provide front end services such as origination, underwriting, and loan servicing for lenders that utilize these types of companies. The correspondent often represents lenders in a particular geographic area.
The city's median family income and property values consistently place high in national rankings. The Daily Pilot, a newspaper published in the neighboring city of Costa Mesa but which serves the greater Newport-Mesa community, reported in 2010 that more than a quarter of households have an income greater than $200,000, and the median value for homes exceeds $1 million.
It is known as the most Republican city in California.
Main article: History of Newport Beach
The Upper Bay of Newport is a canyon, which was carved by a stream in the Pleistocene period. The lower bay of Newport was formed much later by sand that was brought along by ocean currents, which constructed the offshore beach that is now recognized as the Balboa Peninsula of Newport Beach. Before settlers reached the coasts of California, the Newport area and surrounding areas were very prominent Indian lands. Indian shells and relics can still be found today scattered throughout the area. Though, throughout the 1800s, settlers began to settle the area due to the availability of land. The State of California sold acre-plots of land for $1 a piece in the Newport area. Anglo-American civilization in Newport grew substantially when in 1870 a 105-ton steamer named The Vaquero, captained by Captain Samuel S. Dunnells, against warnings posted by surveyors, safely steered through the lower and upper bay of Newport where it unloaded its cargo. James Irvine, after hearing the astonishing news, quickly traveled from his home in San Francisco to the San Joaquin Ranch. Meeting in Irvine's ranch house near current day UC Irvine with his brother, Robert Irvine, and friend James McFadden, they all agreed that the newly found port should be named simply, "Newport" thus where Newport Beach gets its name.
In 1905 city development increased when Pacific Electric Railway established a southern terminus in Newport connecting the beach with downtown Los Angeles. In 1906 (with a population of 206 citizens), the scattered settlements were incorporated as the City of Newport Beach.
filled in on the Peninsula, West Newport, Newport
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Coast, East Santa
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In 2008, after a long battle with the city of Costa
Mesa, Newport Beach annexed West Santa
Newport Beach extends in elevation from sea level to the 1161 ft (354 m.) summit of Signal Peak in the San Joaquin Hills, but the official elevation is 25 feet (8 m) above sea level at a location of (33.616671, -117.897604).
The city is bordered on the west by Huntington Beach at the Santa Ana River; on the north by Costa Mesa, John Wayne Airport, the City of Irvine and UC Irvine; and on the east by Crystal Cove State Park.
According to the United States Census Bureau, the city has a total area of 53.0 square miles (137 km2). 23.8 square miles (62 km2) of it is land and 29.2 square miles (76 km2) of it (55.07%) is water.
Newport Harbor and Newport Bay
Newport Harbor is a semi-artificial harbor that was formed by dredging Newport Bay estuary during the early 1900s. Several artificial islands were built, which are now covered with private homes: Newport Island, Balboa Island, Little Balboa Island, Collins Island, Bay Island, Harbor Island, Lido Isle and Linda Isle.
Newport Harbor once supported maritime industries such as boatbuilding, shipbuilding, and commercial fishing, but today it is used mostly for recreation. Its shores are occupied mostly by private homes and private docks. With approximately 9,000 boats, Newport Harbor is one of the largest recreational boat harbors on the U.S. west coast. It's a popular destination for all boating activities, including sailing, fishing, rowing, canoeing, kayaking, and paddleboarding.
Commercial maritime operations today include the Catalina Flyer ferry to Catalina Island, harbor tours, sport fishing and whale watching day trips and charters, and a few small commercial fishing boats.
Newport Bay is divided by the Pacific Coast Highway bridge, which is too low for most sailboats and very large boats to pass under. North of the bridge is referred to as Upper Newport Bay, or the Back Bay. South of the bridge is commonly called Lower Newport Bay, or Newport Harbor. However the Back Bay also has harbor facilities, especially the marina and launch ramp at The Dunes.
The north end of the Newport Harbor channels around Lido Island have a number of small business centers and were at one time used by the fishing fleets as their home. On the North East side of the channel, the Lido Marina Village now provides the local port to many "Newport Party Boats" as well as small merchants and local restaurants. It also hosts the area boat show each year as well as an organic "Farmers Market" Sundays, in addition to being the port for the local Gondola Company. In 2014, the center was closed for a renovation.
In 1927 a home was built at the mouth of the entrance of Newport Harbor that came to be known as the China House of China Cove. The home was built using the traditional Chinese architecture. It was a landmark in the Newport Beach Harbor until it was demolished in the 1980s. Some of the original roof can been seen on a home located in the China Cove.
Upper Newport Bay is an estuary that was formed by a prehistoric flow of the Santa Ana River. Today it is fed by a small stream from San Diego Creek. Much of Upper Newport Bay is a protected natural area known as the Upper Newport Bay Ecological Reserve, established in 1975.
Newport Beach has a Mediterranean climate (Köppen climate classification Csb). Like many coastal cities in Los Angeles and Orange counties, Newport Beach exhibits weak temperature variation, both diurnally and seasonally, compared to inland cities even a few miles from the ocean. The Pacific Ocean greatly moderates Newport Beach's climate by warming winter temperatures and cooling summer temperatures.
The 2010 United States Census reported that Newport Beach had a population of 85,186. The population density was 3,587.5 people per square mile (1,381.7/km²). The racial makeup of Newport Beach was 74,357 (87.3%) White (82.3% Non-Hispanic White), 616 (0.7%) African American, 223 (0.3%) Native American, 5,982 (7.0%) Asian, 114 (0.1%) Pacific Islander, 1,401 (1.6%) from other races, and 2,493 (2.9%) from two or more races. Hispanic or Latino of any race were 6,174 persons (7.2%).
The Census reported that 84,784 people (99.5% of the population) lived in households, 151 (0.2%) lived in non-institutionalized group quarters, and 251 (0.3%) were institutionalized.
There were 38,751 households, out of which 8,212 (21.2%) had children under the age of 18 living in them, 17,273 (44.6%) were opposite-sex married couples living together, 2,608 (6.7%) had a female householder with no husband present, 1,199 (3.1%) had a male householder with no wife present. There were 1,846 (4.8%) unmarried opposite-sex partnerships, and 233 (0.6%) same-sex married couples or partnerships. 12,838 households (33.1%) were made up of individuals and 4,412 (11.4%) had someone living alone who was 65 years of age or older. The average household size was 2.19. There were 21,080 families (54.4% of all households); the average family size was 2.81.
The population was spread out with 14,744 people (17.3%) under the age of 18, 6,659 people (7.8%) aged 18 to 24, 22,299 people (26.2%) aged 25 to 44, 25,322 people (29.7%) aged 45 to 64, and 16,162 people (19.0%) who were 65 years of age or older. The median age was 44.0 years. For every 100 females there were 97.1 males. For every 100 females age 18 and over, there were 95.5 males.
There were 44,193 housing units at an average density of 834.2 per square mile (322.1/km²), of which 21,224 (54.8%) were owner-occupied, and 17,527 (45.2%) were occupied by renters. The homeowner vacancy rate was 1.7%; the rental vacancy rate was 7.8%. 50,511 people (59.3% of the population) lived in owner-occupied housing units and 34,273 people (40.2%) lived in rental housing units.
During 2009–2013, Newport Beach had a median household income of $106,333, with 7.9% of the population living below the federal poverty line.
As of the census of 2000, there were 70,032 people, 33,071 households, and 16,965 families residing in the city. The population density was 4,738.8 inhabitants per square mile (1,829.5/km²). There were 37,288 housing units at an average density of 2,523.1 per square mile (974.1/km²). The racial makeup of the city was 92.22% White, 0.53% African American, 0.26% Native American, 4.00% Asian, 0.12% Pacific Islander, 1.13% from other races, and 1.74% from two or more races. Hispanic or Latino of any race were 4.71% of the population. There were 33,071 households out of which 18.0% had children under the age of 18 living with them, 42.5% were married couples living together, 6.1% had a female householder with no husband present, and 48.7% were non-families. 35.3% of all households were made up of individuals and 10.1% had someone living alone who was 65 years of age or older. The average household size was 2.09 and the average family size was 2.71. In the city the population was spread out with 15.7% under the age of 18, 6.5% from 18 to 24, 33.0% from 25 to 44, 27.2% from 45 to 64, and 17.6% who were 65 years of age or older. The median age was 42 years. For every 100 females there were 97.9 males. For every 100 females age 18 and over, there were 96.6 males. According to a 2008 US Census estimate, the median income for a household in the city was $95,511, while the median family income was $126,976. Males had a median income of $73,425 versus $45,409 for females. The per capita income for the city was $63,015. About 2.1% of families and 4.4% of the population were below the poverty line, including 3.0% of those under age 18 and 3.5% of those age 65 or over.
See also: Mayors of Newport Beach
The City of Newport Beach was incorporated on September 1, 1906 and adopted its charter on January 7, 1955. The city implements a council-manager form of government, directed by a seven-member council who reside in specific geographic districts, but are elected at-large. Council elections take place in even-numbered years, and councilmembers serve four-year terms. The mayor is chosen annually by the city council.
Until 1927, the governing body of the City was known as a Board of Trustees with a President as its head. An act of the Legislature in 1927 changed the Board to City Council with a Mayor as the head.
State and federal representation
As of January 2016, the California Secretary of State reported that Newport Beach had 53,131 registered voters, and more than half of them (28,887) are Republicans. According to a report by the Sacramento Bee, Newport Beach is the most Republican city in California.
In the California State Legislature, Newport Beach is in the 37th Senate District, represented by Republican John Moorlach, and in the 74th Assembly District, represented by Republican Matthew Harper.
Housing prices in Newport Beach ranked eighth highest in the United States in a 2009 survey.
Newport Beach is home to one Fortune 500 company, insurer Pacific Life. Other companies based in Newport Beach include Acacia Research, Conexant, Galardi Group (Wienerschnitzel, The Original Hamburger Stand, and Tastee-Freez) Jazz Semiconductor, and PIMCO. Fletcher Jones Motor Cars in Newport Beach is the largest Mercedes-Benz dealership in the world. At one time Edwards Theatres had its headquarters in Newport Beach. Before its dissolution Air California was headquartered in Newport Beach. The city's largest law firm is Stradling Yocca Carlson & Rauth, with approximately 75 attorneys at its Fashion Island location. Toyota has a design center, Calty Design Research, in Newport Beach which is responsible for the exterior design of the 2nd, 5th, and 7th generation Celica, as well as some Lexus and Scion models.
According to the City's 2012 Comprehensive Annual Financial Report, the top employers in the city are:
Points of interest
Famous past landmarks
Beaches and surfing
Beachgoers have flocked to Newport Beach since the Pacific Electric Railway started bringing them in 1905.
A boardwalk (actually a concrete path) runs 2.9 miles (4.7 km) from 36th Street in West Newport, past Newport Pier and Balboa Pier, to between E and F Streets on the Balboa Peninsula.
Harbor and boating
The annual Christmas Boat Parade dates back to 1908. The New York Times has called it, "One of the top ten holiday happenings in the nation".
Competitive sailing, rowing, and paddling events occur almost every weekend, and weekdays during summer. The annual Newport to Ensenada International Yacht Race is the largest sailboat race in the world.
Boating activities are organized by five private yacht clubs, along with Orange Coast College, UC Irvine, and the Sea Scouts, all of which have sailing, rowing, and water activity bases on the harbor. The Newport Aquatic Center allows open public participation in competitive rowing, canoeing, kayaking, and outrigger canoe racing. The Orange Coast College School of Sailing and Seamanship offers recreational and professional sailing and mariners' courses and certifications, including United States Coast Guard licensing.
Weekly races take place during the summer that are organized by the local yacht clubs, inside the harbor, including the Beer Can Races, from the Balboa Yacht Club
Hand-carried boats may be launched from Newport Harbor's public beaches. A launching ramp at The Dunes RV Resort and Marina provides access for trailered boats.
Harbor boat tours feature celebrity homes and other waterfront points of interest. Large charter vessels cater to weddings and other special events. Rental and charter boats of all sizes and types are available from several operators.
The Newport Harbor Nautical Museum is dedicated to the history of Newport Harbor, and the industries and people that were attracted to the waters of Newport Beach.
Nautical Clubs of Newport Beach
On the Balboa Peninsula, the historic Balboa Pavilion and Balboa Island Ferry are the city's most famous landmarks. Adjacent to the Pavilion, the 500 passenger Catalina Flyer provides daily transportation to and from Avalon, located on Santa Catalina Island. In the same vicinity, the Balboa Fun Zone offers a ferris wheel, bungee jumping, arcade games, souvenir shops and eateries, boat rentals, and harbor tour boat rides; and is also home to the Newport Harbor Nautical Museum.
Balboa Island's village charm draws many visitors. A waterfront path around the island attracts walkers and joggers, and provides easy access from the ferry to the shops and restaurants on Marine Ave.
Outdoors and nature
Bird watchers and nature lovers are drawn to the Upper Newport Bay Ecological Reserve and Peter and Mary Muth Interpretive Center; and to Crystal Cove State Park, which features tide pools at the beach, and backcountry hiking and mountain biking trails.
Camping is available at Crystal Cove State Park, and at the Newport Dunes RV Park Resort and Marina.
Whale watching is also popular, with both scheduled and charter boats leaving from Newport Harbor.
Fishing is also extremely popular in Newport Bay, off the coast of Newport, and along the Newport Bay Jetty. In the bay there are multiple locations to purchase bait for convenience. There are about 80 fishable fish located in Newport Bay. A few of the most commonly fished species are: Gray Smoothhound Shark, Leopard Shark, Round Stingray, Shovelnose Guitarfish, Pacific Staghorn Sculpin, Silvery Mullet, Top-smelt, California Halibut, Spotted Sand Bass, Yellowfin Croaker, Bat Ray, Thornback Ray, Diamond Turbot, Shiner Surfperch, Corbina, Opaleye, Pile Surfperch, and Red Shiner. Commercial fishing is also prominent in offshore Newport Beach and Newport Bay. One such sea creature commercially fished in the reefs in this area is lobster. Lobster season opens in late September
The boardwalk is a natural draw for bicyclists. Beach cruiser bikes can be rented at several places on the Balboa Peninsula. Bicyclists are also drawn to Back Bay Drive and the bike paths around Upper Newport Bay; the hilly roads winding through Newport Coast and the San Joaquin Hills; and the mountain biking trails in the San Joaquin Hills and Crystal Cove State Park. Pacific Coast Highway provides access to these areas and is a major bicycle route through the region, despite being shared with heavy motor vehicle traffic.
Many neighborhoods in Newport Beach are amenable to bicycling. Locals are inclined to use bicycles for short trips, especially to get through summer beach traffic and avoid motor vehicle parking shortages.
The Pelican Hill area has two golf courses, both of which reopened in November 2007 after design enhancements were completed, as well as the construction of a new resort and clubhouse. Both courses rank among the Golf Digest America's 100 Greatest Public Golf Courses.
Culture and nightlife
Fashion Island at Newport Center is a popular regional shopping and entertainment destination. Also at Newport Center, the Orange County Museum of Art exhibits modern and contemporary art, with emphasis on the work of Californian artists.
The Newport Theater Arts Center presents high quality live theater in a 90-seat venue with low ticket prices.
The bars and restaurants within a few blocks of Newport Pier are a regional nightlife destination. Popular destinations include Sharkeez, Malarky's Irish Pub, Woody's Wharf, Rudy's Pub and Grill, and The Newport Beach Brewing Company. Newport Beach also features numerous clubs including the popular Ten Nightclub. Many college students and young adults flock to Newport Beach on the weekends for the nightlife entertainment. Also, many musical groups come and play at these clubs and venues.
Dining in Newport Beach, like many oceanfront towns, tends to focus on seafood restaurants but there are a variety of restaurants that range in price and type of food. Some of the restaurants in Newport Beach are the 21 Oceanfront, Bayside Restaurant, Sol Grill, Gulfstream and Fleming's Prime Steak House. Some local favorite food vendors include: The Crab Cooker, Bear Flag Fish Co., and True Food Kitchen. After a night at the bars, many locals know to go to the late night eateries; Laventina's for a quick and delicious pizza or Seaside Bakery for savory croissants and donuts.
The village areas of Corona del Mar and Balboa Island are ideal for walking to explore the shops and restaurants. Some other areas of interest include Balboa Village area between the ferry and the pier, and the area encompassing Newport Pier, McFadden Square, Cannery Village and Lido Village.
Newport Beach has two farmers' markets: Saturday mornings in Corona Del Mar, at the corner of Marguerite and Pacific Coast Highway; and Sunday mornings in Lido Village, where Via Oporto is closed to traffic. The farmers market at Via Oporto has great ratings and provides great food through around 15 vendors. It is also tremondously beautiful scenery with redbrick roads hidden from the constant traffic congestion of Newport.
In popular culture
The city has figured into several television shows and movies.
Main article: List of people from Newport Beach, California
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