Industrial - Debt

Amid market uncertainty, NorthMarq delivers on $2.1 million refinance of industrial property in Miami, Florida

MIAMI, FLORIDA (May 4, 2020) – Bob Harrington, vice president of NorthMarq’s Miami office arranged the $2.1 million refinance of Doral Flex, a 35,367 sq. ft. industrial property located at 8000 NW 31st Street in Miami, Florida. The permanent-fixed loan was structured with a fully-amortizing 20-year term. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company.  

“The borrower was seeking a non-recourse, long-term, self-amortizing loan structure. Through one of our correspondent life insurance companies, we were able to source a 20/20 loan structure, with a fixed interest rate in the 3%’s,” said Harrington. “While the interest rate was locked pre-COVID-19, there was excellent communication by all parties involved during the process to keep things on track and close on time.”  

Northmarq is an industry-leading capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales and loan servicing. We combine industry-leading capabilities with an open, flexible structure, enabling our team of seasoned professionals to create innovative solutions for clients. Our solid foundation and entrepreneurial approach have built an annual transaction volume of over $30 billion, and loan servicing of nearly $70 billion.