MINNEAPOLIS, MINNESOTA (January 17, 2023) — Mike Padilla, senior vice president in Northmarq’s Minneapolis office, arranged the $2.6 million loan for the acquisition of KinderCare, a 11,990 sq. ft. single-tenant daycare facility (built in 2021) located at 865 South 51st Street in Des Moines, Iowa. The transaction was structured with a 10-year term followed by a 30-year amortization schedule. Northmarq arranged financing for the borrower through its relationship with local bank.
“Our relationship with a local banking partner was able to produce a competitive rate and a 30-year amortization. The borrower also had a high comfort level with this lender’s ability to execute on the acquisition,” said Padilla.
Founded in 1969, KinderCare has over 1,500 centers across the country. The West Des Moines KinderCare provides programs for children ages 6 weeks to 12 years old. The care center provides affordable part-time and full-time childcare as well as enrichment programs for cooking, music, and phonics.