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.”