NorthMarq Capital’s Houston office arranges $24 million acquisition financing for Eastern Shore Plaza in Spanish Fort, Alabama

Eastern Shore Plaza
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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.

Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.

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