NorthMarq’s Miami office arranges acquisition financing of $1.2 million for Shoppes at Sierra Vista in Sierra Vista, Arizona
Shoppes at Sierra Vista
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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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 $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
