MIAMI (March 16, 2015) – Robert Bhat, vice president of NorthMarq Capital’s Miami based regional office secured a $13 million commitment for the refinancing of Shingle Creek Crossing Phase III, a 20 acres site consisting of 8 super pads, 5 outparcels and a 75,000 sq.ft. building located at 1341 Brookdale Center in Brooklyn, Minnesota. NorthMarq arranged financing for the borrower, Gatlin Development, through its relationship with a national bank. The subject development is part of the 60+ acre redevelopment of the former Brookdale Mall. “The site was formerly the Brookdale Mall, a regional mall original constructed in 1962,” said Bhat. “Since acquiring this property in 2010, Gatlin Development, along with Mid-America Real Estate, successfully transformed this 60+ acre site into a massive retail development that now has tremendous consumer traffic. With Michaels, TJ Maxx and several tenants opening up soon, this will only continually improve. We anticipate this will be leased to a big box retailer, a variety of restaurants and local stores.”
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.