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.”
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