NorthMarq Capital’s Houston office arranges $24 million acquisition financing for Eastern Shore Plaza in Spanish Fort, Alabama
HOUSTON (November 29, 2016) – Chad Owens, vice president of NorthMarq Capital’s Houston-based regional office arranged acquisition financing of $24 million for Eastern Shore Plaza, a 270,105 sq. ft. retail property located at 10200 Eastern Shore Boulevard in Spanish Fort, Alabama. The transaction was structured with a 10-year term with 2-years of interest only on a 30-year amortization schedule. NorthMarq arranged financing for the borrower, Eastern Shore Plaza, LLC (an entity controlled by Azad Commercial Realty Services) through its relationship with a CMBS lender. “This was a great fit for our model because of the stabilized lineup of national tenants coupled with the potential upside in future pad sites at a fair cap rate,” said Dr. Hardam S. Azad, sponsor of Eastern Shore Plaza, LLC.
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