PHOENIX – James DuMars, managing director/senior vice president of NorthMarq Capital’s Phoenix-based regional office, arranged $52 million (the aggregate of all individual loans) on the refinance of the 19 shopping centers and three commercial properties located throughout the Phoenix Metropolitan Area with a total value of $150 million. The portfolio contains a combined 1,550,000 sq. ft.
The financing of the portfolio was structured amongst three institutional lenders. The loan request was unique as it was at an extremely low leverage level with some of the assets financed at 18 percent LTV with debt service coverage ratios as high as 9X. The assets are extremely well maintained, in excellent locales and many are 100 percent occupied. The sponsor in the transaction is the highly respected owner/operator Michael A. Pollack.
“Michael is in an enviable position as he’s continued to upgrade his properties and pay down his debt to the extremes during the past several years,” said DuMars. “The lenders really appreciate Michael as he runs his properties well and never had any problems whatsoever during the financial crisis. Michael saw the U.S. 10-year hit a low point and called to lock them in,” said DuMars.
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.
