SAN DIEGO – Eric Flyckt, senior vice president/managing director of NorthMarq Capital’s San Diego regional office secured the $11.4 million refinance of a single-tenant flex building located in Phoenix, Arizona. The “take-out” financing was structured with a 10-year term and 30-year amortization schedule with the loan proceeds being used to pay off the construction loan. NorthMarq arranged financing for the borrower through its relationship with a conduit CMBS lender.
This 80,309 sq.ft., institutional-quality, flex building comprises concrete tilt-up exterior walls, large expanses of blue reflective glass window walls, 25-foot clear height, 8.2/1,000 parking ratio and is fully air conditioned.
“The property is leased to a privately-held telecommunications company for 87 months who uses the property as a call center,” said Flyckt. The property possesses an outstanding location immediately south of Sky Harbor International Airport with excellent freeway access.”