Arranged $4 Million Construction/Perm for Trader Joe’s in Dallas, TX
DALLAS (December 12, 2012) – Bart Dickinson, vice president of NorthMarq’s Dallas Regional office, arranged construction/permanent financing of $4 million for Trader Joe’s, a 21,000 sq. ft. retail property located at 2001 Greenville Avenue in Dallas, Texas. Financing was based on a 21-year term and a 21-year amortization schedule and was arranged for the borrower by NorthMarq through its relationship with a correspondent life company lender.
“The lender was able to accommodate the borrower’s request to provide a long-term fixed-rate construction and permanent loan to build a Trader Joe’s store and adjoining retail with no preleasing requirement for the adjoining retail, enabling the borrower maximum flexibility in leasing this space,” said Dickinson. “This transaction is the lender’s first construction/perm in the Dallas area.”
NorthMarq, the largest privately held commercial real estate financial intermediary in the U.S, provides mortgage banking and commercial loan servicing in 33 offices across the U.S. With an average of $8 billion in annual production volume and servicing a loan portfolio of nearly $40 billion, the company offers expertise to borrowers of all size. The company has a long track record of multi-family financing as a Freddie Mac Program Plus™ Seller-Servicer, and through its affiliation with Fannie Mae DUS lender AmeriSphere Multifamily Finance. In addition, NorthMarq has long relationships with over 50 life companies, many CMBS platforms and hundreds of local, regional and national banks. For more information, please visit www.northmarq.com.