Northmarq arranges $13.65M bridge loan for Innerbelt Business Center in St. Louis industrial market
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OVERLAND, Mo. — Northmarq’s Minneapolis Debt + Equity team, led by Lucas Goring and Andy Finn, secured $13.65 million in acquisition financing for Innerbelt Business Center, a 191,925-square-foot flex/showroom property located at 1908-2000 Innerbelt Business Center Drive in Overland, Missouri.
Northmarq arranged financing on behalf of the sponsor, Fountain Real Estate Capital, through a regional bank, which provided an aggressive loan structure to support Fountain’s business plan. The five-year loan included three-years of interest only along with future funding.
“Innerbelt is a strategic acquisition for Fountain Real Estate,” Goring said. “The property’s high occupancy generates strong cash flow, with potential upside as rents are brought to market levels. Fountain has a track record of recognizing value-add opportunities, and the lender’s aggressive terms reflect confidence in that business plan.”
Strategically positioned within the St. Louis industrial market, Innerbelt Business Center sits on a 6.82-acre site and offers a versatile mix of flex and showroom space. While the property is close to stabilized, Fountain Real Estate will look to push rents to market as leases reach expiration.
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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 $80 billion and has completed $91.3 billion in transactions over the past fours years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide.
