Northmarq negotiates $12.55 million refinance of five-property retail portfolio in Edwardsville, Glen Carbon, and Highland, Illinois
ST. LOUIS, MISSOURI (August 1, 2022) – Northmarq’s St. Louis debt/equity team arranged the $12.55 million refinance of five retail properties located in the St. Louis Metropolitan Area. The loan was arranged on behalf of the owner, R.L.P. Development Company, Inc.
“The Northmarq team has been good partners and easy to work with,” according to Jason Plummer, vice-president of R.L.P. Development Company, Inc. The properties, built between 1998 and 2019, total approximately 110,000 sq. ft. and boast high occupancy. The properties are in strong locations and leased to a solid, diverse tenant mix.
The transaction was structured as a 20-year fully amortized loan. Northmarq secured a permanent fixed-rate loan for the borrower through its correspondent relationship with a Life Insurance Company. “We were pleased with this transaction, it was a smooth process and we were able to close the transaction as we started to see the interest rate market move,” added Plummer.
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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.
