Northmarq Debt + Equity team arranges $11.95M refinance of Prairie Market East in Oswego, IL
Northmarq’s Denver Debt + Equity team led by Michael Salzman and Patrick O'Malley successfully arranged the $11.95 million refinance of Prairie Market East, a Class A retail anchored center located at 350 Fifth St. in Oswego, Illinois.
Northmarq arranged financing on behalf of the borrower through the firm's relationship with a commercial bank. The transaction was structured on a five-year term.
The loan included a significant construction facility to support the development of a new box on a remaining undeveloped portion of the center. The new space is pre-leased to an investment-grade credit tenant, and the construction portion of the loan represented 85% of the total project cost.
Built in 2007, Prairie Market East is anchored by a 54,846-sq.-ft. Aldi and also features a collection of food, personal care and pet supply national brands. It is located along U.S. Hwy 34 with nearby access to U.S. Hwy 30.
Meet our team
Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $80 billion and has completed $91.3 billion in transactions over the past fours years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide.
