MIAMI LAKES, FLORIDA (May 4, 2022) – Bob Harrington, vice president in Northmarq’s Miami Lakes debt/equity office, arranged financing of $3 million for the Shops at Shoal Creek. The 14,238 sq. ft. unanchored strip retail property (built in 2015) is located at 8250-8260 North Booth Avenue in Kansas City, Missouri. The fixed rate loan was negotiated with a “repeat” borrower/lender relationship, in which the borrower was comfortable with the life company’s closing process. Structuring for the transaction featured a 10-year term with 2-years of interest only followed by a 30-year amortization schedule.
The property is connected by North Shoal Creek Valley Drive to the larger Shoppes at Shoal Creek, consisting of properties such as Target, Sam’s Club, Walmart Supercenter, The Home Depot and Lowe’s Home Improvement.
“The lender and borrower have a long-standing relationship, closing multiple loans together in the past,” said Harrington. “Their track record made the lender comfortable following the sponsor to a new market. In a fast-moving rate environment, the speed to rate lock and surety of close with an existing lending partner were paramount to the sponsor.”