Northmarq arranges $9.6M in financing for Texas industrial property

EL PASO, Texas — Vice President Karl Weidell of Northmarq’s Los Angeles office has secured the $9.6 million refinance of a single-tenant industrial property located at Don Haskins Drive in El Paso, Texas. The property features 131,000 sq. ft., roll up doors and up to 29-foot clear heights with 18 dock doors.

Northmarq arranged financing on behalf of the borrower, a Beverly Hills-based developer, through a correspondent relationship with a life insurance company. The transaction was structured on a 10-year term.

“Despite a robust logistics market with heavy institutional ownership, many lenders were hesitant to deliver strong loan terms in the market,” said Weidell. “We are pleased to report that not only did we place the deal with strong terms, but amongst the lowest spreads of any deal in any market thanks to a longstanding correspondent relationship.”