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.”  

As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of more than $16 billion, loan servicing portfolio of more than $65 billion and the multi-year tenure of our nearly 600 people.