NorthMarq’s Miami office arranges acquisition financing of $1.2 million for Shoppes at Sierra Vista in Sierra Vista, Arizona
MIAMI, FLORIDA (April 11, 2019) – Bob Harrington, vice president of NorthMarq’s Miami-based regional office, secured acquisition financing of $1.2 million for Shoppes at Sierra Vista, a 12,228 sq. ft. retail property located in Sierra Vista, Arizona. The transaction was structured with a fully-amortizing 15-year term. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company.
“The lender provided the perfect deal structure to meet the borrower's request: a 15-year, fixed-rate, self-amortizing loan term that closed within a timeframe that could accommodate the purchase contract and a ticking 1031 clock. The interest rate was locked below 4.75 percent,” said Harrington.
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