Northmarq’s Atlanta office completes $14 million financing of Madison Plaza in Huntsville, Alabama
ATLANTA, GEORGIA (February 24, 2023) – Randy Wolfe, senior vice president/managing director of Northmarq’s Atlanta-based debt/equity team finalized the $14 million financing of Madison Plaza. The Class A- retail property (built in 1984 and last renovated in 2016) contains 153,739 sq. ft. and is located at 930 Old Monrovia Road in Huntsville, Alabama. The property is ideally situated adjacent to the borrower’s Mid-City District, a massive mixed-use development. Tenants at the property include: Havertys, Stars and Strikes, State Farm, Dragon Alley and Viet Huong.
The transaction was structured with a 10-year term with 1-year of interest only on a 25-year amortization schedule. Northmarq arranged the permanent-fixed loan for the borrower through its relationship with a regional credit union.
“Our lender showed a great deal of flexibility by accommodating the property’s transference into the specially-zoned Mid-City District with its related PID and POA entities,” said Wolfe.
