NorthMarq Capital arranges $$18.59 million acquisition financing for CVS Plaza in Chapel Hill, North Carolina

RALEIGH (May 7, 2014) – Todd Crouse, senior vice president/managing director of NorthMarq Capital’s Raleigh-based regional office secured $18.59 million of acquisition financing for CVS Plaza, a 100,634 sq.ft. mixed-use property located in Chapel Hill, North Carolina. The 5-year loan structure included two years of interest only followed by a 30-year amortization schedule and was arranged for the borrower by NorthMarq through its relationship with a correspondent life company. The property is located immediately adjacent to the University of North Carolina at Chapel Hill campus and includes a new ground floor CVS Pharmacy, over 60,000 SF of offices, long-established retail and restaurant tenants and structured parking. “We were excited to be able to arrange attractively-priced financing structured to provide the borrower with both the capital and the operational flexibility to breathe new life into this iconic Chapel Hill property,” said Crouse. “The lender understood the borrower’s needs and the property’s strengths and delivered a product customized to meet these objectives and the unique aspects of the transaction.”