ATLANTA (November 16, 2016) – Will James, vice president of NorthMarq Capital’s Atlanta-based regional office, completed the $3.75 million refinance of Staples Oak Ridge City Center, a 38,900 sq. ft. retail property located in Oak Ridge, Tennessee. The transition was structured with a 5-year term on a 25-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a regional bank. The property’s major tenants include: Staples, GNC and Verizon.
“The bridge financing occurred for three reasons—the property’s CMBS loan was coming due; an upcoming Staples renewal was pending; and once the new redevelopment is completed behind the center in two years, the sponsorship will consider another refinance or sale of the asset,” explained James.