Northmarq successfully arranges sale, acquisition financing of St. Louis senior care medical facility

ST. LOUIS — Northmarq’s Commercial Investment Sales team led by Isaiah Harf (Chicago) and David Annett (Tulsa), and its St. Louis Debt + Equity team led by Jada Purchase, successfully arranged the sale and financing of a medical office facility leased by a senior care medical provider located at 3721 S. Grand Blvd. in St. Louis, Missouri.

Northmarq’s Investment Sales team represented both the seller, Atwater Group, and the buyer, Maple Street Management, in the $4.36 million deal. The sale and financing were led in collaboration with Northmarq’s Net Lease Financing team.

“It is great when long-time sellers and buyers of the firm can connect on a transaction that works for both sides,” Annett said. “The purchaser had historically pursued hospital system credit in the Southeast in filling their various exchanges. However, when this one hit the market, our interest was piqued given what we believe is a fair risk adjusted return.”

Northmarq arranged $2.825 million permanent-fixed financing on behalf of the borrower, Maple Street Management, through a correspondent relationship with a trusted credit union. The transaction was structured on a 10-year term with a 30-year amortization schedule.

“It was an excellent opportunity to identify the best debt available for our client that had a very complex 1031 exchange transaction,” Purchase said. “We were able to achieve a competitive rate, along with the flexibility of no prepayment penalty. This allowed the client to have the potential to capitalize on the return now and in the future.”  

This facility was built in 1992 and features a 15,735-sq.-ft. single-tenant office building located on 1.27 acres.