PHOENIX – James DuMars, senior vice president/managing director of NorthMarq Capital’s Phoenix based regional office arranged the $23 million refinance of Foothills Park Pace a 132,496 sq.ft. retail property located at 4802, 4810,4910,4940,5010 & 5030 E. Ray Road in Phoenix, Arizona. The property is in a strategic location adjacent to the I-10 Freeway and at the highest trafficked intersection of the Ahwatukee Foothills Community, an affluent bedroom community in Southeastern Phoenix. The subject offers the only inline shops option at the intersection as the remaining three corners are developed primarily with big box retail. The subject’s strong historical occupancy (averaging 95 percent over the past two decades) reflects this competitive positioning. “The asset was pursued aggressively by life companies and CMBS lenders,” said DuMars. “Due to the low leverage request, the borrower elected a CMBS option that provided extremely attractive loan terms. This is a refinance of a loan arranged for the owner 10 years ago–except this time around the interest rate is nearly 1% lower.”
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.
