HOUSTON, TEXAS (February 16, 2022) – Matt Franke, senior vice president of Northmarq’s Houston office, secured $9 million in acquisition financing for a CVS Pharmacy. The 14,823 sq. ft. class A+ single-tenant retail property, built in 2021, is located at 7950 East Hampden Avenue in Denver, Colorado. The newly constructed property is located in a densely developed, upscale neighborhood of Denver. Northmarq negotiated the permanent-fixed loan for the borrower through its correspondent relationship with a life insurance company.
“Our borrower requested a 25 year fully amortizing loan to match the primary lease term of this newly constructed CVS Pharmacy,” said Franke. “Our closing team worked closely with the tenant and the developer through several construction and store delivery delays. The lender held their sub 3.50% rate even though rates rose substantially during the closing period.”
