NorthMarq Capital arranges $52 million in loans for a 22 property portfolio valued at $150 million in the Phoenix Metropolitan Area

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.