Retail

NorthMarq Capital’s Minneapolis based office arranges acquisition financing of $1.84 million for Fargo Express in Fargo, North Dakota

MINNEAPOLIS (January 20, 2015) – Michael Padilla, vice president of NorthMarq Capital’s Minneapolis based office secured acquisition financing of $1.84 million for Fargo Express, a 34,226 sq.ft. retail property located at 1411 South University Drive in Fargo, North Dakota. The transaction was structured with a 10-year term and 25-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a CMBS lender.

“The lender’s small balance CMBS offering was the perfect execution for the borrower and the asset,” said Padilla. “The borrower was looking for full leverage, non-recourse, long term fixed rate product on a grocery anchored center in Fargo, North Dakota. The deal featured fixed costs and a great rate. The lender delivered on all levels.”

NorthMarq Capital, the largest privately held commercial real estate financial intermediary in the U.S., provides debt, equity and commercial loan servicing through its 36 offices across the U.S. The company has built long-term relationships with life companies, CMBS platforms and local, regional and national banks, with a long track record of multifamily loan origination through Freddie Mac, Fannie Mae and FHA/HUD. The company closes approximately $13 billion in commercial real estate loans annually and services a loan portfolio of more than $50 billion. For more information please visit www.northmarq.com.