November 9, 2016

NorthMarq Capital arranges $7.8 million bridge loan for big box retail project located in Las Vegas, Nevada

Big Box Retail Project

Debt & Equity

Multi-Tenant

Steve Hollister, senior vice president, and Aaron Beck, vice president of NorthMarq Capital’s San Diego office arranged a $7.8 million bridge loan for a big box retail project located in Las Vegas, Nevada. The property was formerly occupied by Target and vacant at the time the loan funded. The borrower had secured an executed lease for nearly half of the building with an investment-grade tenant prior to closing. The transaction was structured with a floating rate and three year interest-only term. “The non-recourse loan includes a future funding provision that provides the borrower with the necessary capital to complete renovations to the property and increase occupancy to a stabilized level, at which point additional loan dollars will be funded,” said Hollister. “The loan also provided equity back to the borrower for future acquisitions,” added Beck.

Available Retail (MT) properties

Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.