NorthMarq Capital’s Atlanta office arranges $3.75 million refinance of Staples Oak Ridge City Center in Oak Ridge, Tennessee
ATLANTA (November 16, 2016) – Will James, vice president of NorthMarq Capital’s Atlanta-based regional office, completed the $3.75 million refinance of Staples Oak Ridge City Center, a 38,900 sq. ft. retail property located in Oak Ridge, Tennessee. The transition was structured with a 5-year term on a 25-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a regional bank. The property’s major tenants include: Staples, GNC and Verizon. “The bridge financing occurred for three reasons—the property’s CMBS loan was coming due; an upcoming Staples renewal was pending; and once the new redevelopment is completed behind the center in two years, the sponsorship will consider another refinance or sale of the asset,” explained James.
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit www.Northmarq.com.
