DALLAS (September 23, 2013) – Phillip Bankhead, vice president of NorthMarq’s Dallas regional office, arranged acquisition financing for 2180 North Glenville Avenue in Richardson, Texas. The asset is a 60,000 sq. ft. single-tenant office building in a desirable office park 100% leased to AT&T Services, Inc. Financing was based on a 15-year term and arranged for the borrower by NorthMarq through its relationship with a correspondent life insurance company lender. “It was important to have a loan maturity beyond the expiration of the initial lease term, so the new owner would have multiple investment options at the decision point,” Bankhead stated. “The lender was able to accommodate this with a minimum of structure.”
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