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.”
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
