Northmarq secures $10.65 million in acquisition financing for new industrial build-to-suit
WEST PALM BEACH, Fla. (Dec. 5, 2023) — Northmarq’s West Palm Beach Debt + Equity team of David Gahagan, Chris Hammel and Chandler Kaye secured a $10.65 million acquisition loan for a 16,460-sq-ft. industrial property triple net leased to Atmos Energy. Northmarq arranged financing on behalf of the borrower through a correspondent relationship with an investment bank. The transaction was structured on a 19-year term with a fully amortizing structure.
“It’s been a difficult year on the acquisition front, but we had a repeat sponsor who was able to acquire a single-tenant net lease deal for their Delaware Statutory Trust (DST) platform that required a higher leverage zero coupon financing,” said Gahagan. “We were able to secure an 85% loan to purchase and took advantage of a brief dip in the market to lock in an interest rate that was accretive to the deal economics.”
The new build-to-suit, two‐building office warehouse facility was completed in 2023 and is situated on 9.7 acres in Forney, Texas. The improvements are comprised of 61% office/HVAC, 39% of warehouse and 3.36 acres of outdoor paved and masonry fenced industrial outdoor storage. Located at 11655 County Road 212, the industrial property is occupied by Atmos Energy, the largest natural gas-only distributor in the country. The Dallas-based company offers safe delivery of reliable and affordable natural gas to more than three million customers.
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