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Debt & Equity

NorthMarq arranges $7.17 million bridge loan for acquisition of 1 Targeting Centre in Windsor, Connecticut

CINCINNATI, OHIO (February 3, 2020) – Noah Juran, senior vice president/managing director of NorthMarq’s Cincinnati office secured the $7.17 million bridge loan for the acquisition of 1 Targeting Centre. The 97,256 sq. ft. office property is located at 1 Targeting Center in Windsor, Connecticut. 

The transaction was structured with a 3-year interest-only term. NorthMarq arranged financing for the borrower through its relationship with a bridge/mezzanine lender. NorthMarq took the deal out to market, and through its vast network sourced a lender who provided just the right structure that allowed the borrower to retain a sufficient portion of the property's free cash flow and give them time to complete their value-add strategy.

“This was a tough deal for a number of reasons with the primary issue being that the building was 100 percent leased to a single tenant who was still paying rent but had vacated the property,” said Juran. “Additionally, our New York-based client desired to keep a portion of the property's free cash flow (whereas nearly all lenders would require a 100 percent cash flow sweep) during the remaining lease term while they strategize to lease up the building to a new tenant; we knew this key point for the Borrower was a major hurdle.” 

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 an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.

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1 Targeting Centre
Bridge Loan
$7,170,000