Retail - Debt


NorthMarq’s Cincinnati office completes $3.55 million in acquisition financing for Memorial Plaza in Vicksburg, Mississippi

CINCINNATI, OHIO (May 13, 2021) – Noah Juran, senior vice president/managing director of NorthMarq’s Cincinnati office, arranged acquisition financing of $3.55 million for Memorial Plaza. The 74,574 sq. ft. retail property is located at 3046 Indiana Avenue in Vicksburg, Mississippi. The transaction was structured with a fully-amortizing 25-year term. NorthMarq secured the permanent-fixed loan for the borrower through its correspondent relationship with a life insurance company. The loan went under application in one day and closed in less than 60 days start-to-finish. Major tenants include Corner Market, Planet Fitness, H&R Block, Direct Auto and Life Insurance, and OneMain Financial. 

“NorthMarq was asked to source and arrange acquisition financing for our client, who was in a 1031 exchange, after the borrower’s bank submitted a proposal and then declined the deal, said Juran. “The borrower was short on time in both his 1031 exchange and purchase contract deadlines. NorthMarq quickly stepped in and had one of our correspondent life insurance companies propose on the loan at very competitive terms for this retail property located in a small market.” 

 

As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of more than $16 billion, loan servicing portfolio of more than $65 billion and the multi-year tenure of our nearly 600 people.