SAN DIEGO, CALIFORNIA (August 9, 2022) – Eric Flyckt, managing director, and Casey Allred, vice president, of Northmarq’s San Diego office, arranged a $14.25 million refinance of a multi-tenant industrial/flex property located in Chandler, Arizona. An insurance company funded the 10-year, fixed-rate, loan with interest-only payments for the first two years followed by a 30-year amortization. Northmarq is a correspondent for the lender and will service the loan. The loan was structured with yield maintenance during the first eight years, then one percent in year nine and par during the last year. The rate was locked in less than 24 hours using a three-page term sheet.
The property is situated in a strong location and was 100 percent leased to a solid and diverse mix of 28 tenants.
“Northmarq’s correspondent insurance company provided fast and efficient service throughout the entire transaction from loan quote, locking the rate with a short-term sheet, approval and closing. The borrower was very pleased with the process and attractive loan terms,” said Flyckt.