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.”

As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of more than $16 billion, loan servicing portfolio of more than $65 billion and the multi-year tenure of our nearly 600 people.