Northmarq delivers $97.75 million in acquisition financing for industrial portfolio located in Arizona, Maryland, Virginia and Georgia
SAN FRANCISCO, CALIFORNIA (August 12, 2022) – Dennis Williams, senior vice president/managing director and Briana Harney, vice president of Northmarq’s San Francisco debt/equity team, arranged $97.75 million in acquisition financing for a six-building portfolio of industrial properties containing a combined 1,058,663 sq. ft.
The six properties include:
• Tempe, Arizona: Built in 1998. The single-tenant property consists of 110,000 sq. ft. and is located at 910 West Carver Road.
• Goodyear, Arizona: Built in 2020. This flex-industrial property contains 213,229 sq. ft. and is located at 215 North 143rd Avenue.
• Hanover, Maryland: Built in 1985. The single-tenant property consists of 253,330 sq. ft. and is located at 7441 Candlewood Road.
• Atlanta, Georgia: Built in 2020. This single-tenant industrial property contains 201,989 sq. ft. and is located at 3435 Jonesboro Road SE.
• Sterling, Virginia: Built in 2005. This flex-industrial property contains 76,500 sq. ft. and is located at 22480 Randolph Drive.
• Jessup, Maryland: Built in 1990. This single-tenant industrial property contains 203,615 sq. ft. and is located at 7980 Tar Bay Drive.
The transaction was structured with a 5-year term with 18 months of interest followed by a 30-year amortization schedule. Northmarq secured the permanent-fixed loan for the borrower through its correspondent relationship with Allianz Real Estate.
“The acquisition of these six properties, all of which are located in or near major metropolitan areas, will add to our growing portfolio of “last-mile” distribution facilities,” said Brandon Jenkins, COO of Fundrise. “Thanks to Northmarq’s financing, Fundrise can continue to execute our industrial acquisition strategy, where we are planning to capitalize on properties that will remain crucial for many businesses and e-commerce companies.”
“Our correspondent, Allianz Real Estate, dug in early to understand the borrower structure and ask,” said Williams. “They held their spread during market volatility and sealed the deal based on certainty of execution and ability to rate-lock quickly.”
The properties are located in key industrial markets throughout the United States. While geographically diverse, the properties are all located near major population centers with easy access to transportation networks and therefore serve last-mile distribution needs.
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.
