Northmarq’s Minneapolis office arranges acquisition financing of $2.6 million for West Des Moines, Iowa KinderCare
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.
Meet our team
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.
