ATLANTA (March 1, 2016) – Johnny Rankin, vice president and Wanda Riggs Mack, vice president of NorthMarq Capital’s Atlanta based regional office arranged acquisition financing of $5.85 million for a 106,000 sq. ft. office building located at 1090 Northchase Parkway in Marietta, Georgia. The 65 percent non-recourse bank financing was structured with a local bank.
“A local bank provided the sponsor with a non-recourse loan at a very attractive rate on a 25-year amortization with no prepayment penalty, escrows or reserves required,” explained Rankin. “The lender was very comfortable with activity in the market and the well-below market rents for the asset, resulting in the attractive loan for the borrower.”