Retail - Debt

NorthMarq’s Miami office arranges acquisition financing of $5.7 million for Port St. John Plaza in Port St. John, Florida

MIAMI, FLORIDA (September 9, 2021) – Bob Harrington, vice president of NorthMarq’s Miami office, secured acquisition financing of $5.7 million for Port St. John Plaza. The 78,540 sq. ft. grocery-anchored retail property on 10.12 acres in Port St. John, Florida. The property was constructed in 1986. The transaction was structured with a 7-year term on a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a national bank. 

“We are grateful that the buyer entrusted NorthMarq with their acquisition financing needs for this well located and well performing retail property. The Winn-Dixie anchor has a long track record of strong sales at the property,” said Harrington. “We were able to secure fixed rate financing in the 3%’s, with a 30 year amortization schedule and flexible prepayment. The loan is open to repayment at par during the last 3 years of the loan term.”

Northmarq is an industry-leading capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales and loan servicing. We combine industry-leading capabilities with an open, flexible structure, enabling our team of seasoned professionals to create innovative solutions for clients. Our solid foundation and entrepreneurial approach have built an annual transaction volume of over $30 billion, and loan servicing of nearly $70 billion.