HOUSTON, TEXAS (August 17, 2021) – Matt Franke, senior vice president of NorthMarq’s Houston office, secured acquisition financing for Albuquerque Trade Center. The 60,511 sq. ft. industrial property is located in Albuquerque, New Mexico. The transaction was structured with a 10-year term on a 25-year amortization schedule. NorthMarq arranged the permanent-fixed loan for the borrower through its correspondent relationship with a life insurance company.
“Based upon our client’s long term investment strategy, this loan was a perfect match for NorthMarq’s correspondent insurance company lender,” said Franke. “The property was institutionally owned for many years and was 90 percent occupied at closing. We had multiple competitive loan proposals and ultimately chose Kansas City Life due to their efficient and low-cost closing process.”