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.”