NorthMarq Capital negotiates $23 million refinance of Foothills Park Place in Phoenix, Arizona
Foothills Park Place
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.”
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Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
