SAN DIEGO (May 15, 2018) – Steve Hollister, senior vice president of NorthMarq Capital’s San Diego regional office, arranged acquisition financing of $13.439 million for a portfolio of three Walgreens properties each containing 14,820 sq. ft. The assets are located in Texas and Ohio. The transaction was structured with a 5-year term on a 25-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a credit union.
“The lender provided a loan at 70 percent of the purchase price on the acquisition of three free standing Walgreens at a competitive fixed rate for five years,” said Hollister. “A key component to the loan structure was that the fixed rate loan could be prepaid at any time with no lockout period or prepayment penalty. Timing and reliable execution along with the fixed rate and no prepayment penalty were important to the borrower on the acquisition. The lender executed as promised.”