NorthMarq Capital’s San Diego office arranges take-out financing for a single-tenant flex building in Phoenix, Arizona
Single-Tenant Flex Building
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.”
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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.
