Retail

NorthMarq Capital’s Atlanta office arranges $3.75 million refinance of Staples Oak Ridge City Center in Oak Ridge, Tennessee

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.

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.