Amid market uncertainty, NorthMarq delivers on $2.1 million refinance of industrial property in Miami, Florida
MIAMI, FLORIDA (May 4, 2020) – Bob Harrington, vice president of NorthMarq’s Miami office arranged the $2.1 million refinance of Doral Flex, a 35,367 sq. ft. industrial property located at 8000 NW 31st Street in Miami, Florida. The permanent-fixed loan was structured with a fully-amortizing 20-year term. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company.
“The borrower was seeking a non-recourse, long-term, self-amortizing loan structure. Through one of our correspondent life insurance companies, we were able to source a 20/20 loan structure, with a fixed interest rate in the 3%'s,” said Harrington. “While the interest rate was locked pre-COVID-19, there was excellent communication by all parties involved during the process to keep things on track and close on time.”
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Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. Through the 2022 acquisition of Stan Johnson Company, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit www.northmarq.com.
