CHICAGO (June 8, 2015) – Jeff Frankel, senior vice president of NorthMarq Capital’s Chicago based regional office arranged the $6.05 million refinance of two Office Depot/Petco properties. The properties, located at 16085-95 West Bluemound Road in Brookfield, Wisconsin and 4940-50 South 76th Street in Greenfield, Wisconsin contain a combined 86,274 sq.ft. The transaction was structured with a fully amortizing 17-year term. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company.
“The two properties were cross-collateralized and located in solid retail locations on high-trafficked arterials,” said Frankel. “The lender was able to get comfortable with the uncertainty of Office Depot’s continued occupancy going forward, due to the locations, low leverage, and fully amortizing loan structure which the borrower was looking for. In fact, during the closing process, Office Depot announced that they were closing their Greenfield store prior to their lease expiration and within a week of the loan closing, and the lender closed with no change to their loan terms.”