Northmarq’s West Palm Beach Debt + Equity team successfully arranges $4.8M refinance for Port St. Lucie distribution center

ST. LUCIE, Fla. (Feb. 7, 2025) — Northmarq’s West Palm Beach Debt + Equity team of David Gahagan, Chris Hammel and Chandler Kaye successfully arranged the $4.8 million refinance of the 660 Peacock warehouse and distribution center located at 660 NW Peacock Blvd in Port St. Lucie, Florida. Northmarq arranged the bridge loan through its relationship with a life insurance company on a five-year term. 

"When the borrower acquired the property, it was occupied by a single tenant with a large mezzanine space.  The borrower’s renovations included removing the mezzanine and subdividing the building into five bays with 20-foot clear height, grade level service doors and glass office fronts,” said Gahagan. “One of our correspondent life insurance companies provided a loan quote that met the borrower requests for proceeds, interest rate and term.”

The 55,000-sq.-ft. warehouse was built in 1998. The property sits at the entry to the Port St. Lucie Commerce Park across from the New York Mets Spring Training facility.