SAN DIEGO (January 22, 2019) – Eric Flyckt, senior vice president and Wyatt Campbell, vice president of NorthMarq’s San Diego office, secured a $3.6 million financing for a multi-tenant office building located in Chandler, Arizona. The fixed-rate loan was structured with a 20-year self-amortizing term. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company. NorthMarq will service the loan.
Built in 2017, the building is comprised of 9,668 square feet and 100 percent occupied by two tenants. The major tenant is Wells Fargo Private Bank. The property is located on the southeast corner of Price Road and Spectrum Boulevard within the prestigious Park Place business park. Park Place is a ±200-acre business park situated at the intersection of the 101 and 202 Freeways in one of the fastest growing employment corridors in Metropolitan Phoenix. In addition to the property, this master-planned park includes Class A office buildings, restaurants, and hotels.
“This was a high loan per square foot for an insurance company at $372 psf. However, we were able to get the lender comfortable by providing supporting market data and closed the loan with one of our correspondent life companies,” said Campbell. “It was a typical life company execution – the rate was locked at application and closed as quoted with no surprises. It was a great loan for both the borrower and the lender.”