DENVER, CO - Headwaters MB advised Newport Diversified, Inc. and its affiliate, Broadacres Open Air Marketplace, LLC (collectively, the “Company”) on a senior debt refinancing led by California Bank & Trust, a subsidiary of Zion’s Bank.
The Company, based in Irvine, California, owns and operates recreation, entertainment and open-air marketplaces. The Company has established itself as the definitive leader in open-air marketplaces throughout Southern California and Nevada with over 4.0 million visitors annually and four open-air swap meets, a recreation and bowling center and multiple coin-op amusement, jukebox routes throughout Southern California.
“Newport Diversified’s senior management team is the most respected and knowledgeable in the industry. The Company’s asset quality, systems and processes made for a highly desirable credit, ” said Grant Garbers, Managing Director at Headwaters MB.
Headwaters MB acted as exclusive financial advisor to the Company. Terms of the transaction were not enclosed.