NorthMarq Capital arranged $6.025 million in combined mortgages for three retail centers in the Greater Phoenix Area

PHOENIX – NorthMarq Capital's Phoenix-based regional office, arranged three first mortgage refinancings in the total amount of $6.024 million for three retail centers in the Greater Phoenix Area. The centers contain a combined total of 64,654 sq. ft. of retail space. Grand Village, a 25,653 sq. ft. retail center located at 14291 W. Grand Avenue in Surprise, was financed at $2.15 million. The major tenant at the site is Bealls whose lease expires during the 1st year of the loan. The lender was able to get comfortable that the anchor tenant would extend their lease. No holdbacks or structure to overcome this issue were required. Westwind Plaza, a 21,187 sq. ft. unanchored retail center located at 10571 West Indian School Road in Avondale, was financed at $2.075 million. The center is comprised of mom and pop tenant with few long-term leases. The lender was able to get comfortable with the lack of credit tenants and provided a full loan. Camelback Village, a 17,814 sq. ft. shadow-anchored retail center located at 8301 West Camelback Road in Phoenix, was financed at $1.8 million. The center is shadow-anchored to Safeway. The lender provided a great process and full loan proceeds on a very straight-forward refinance. Financing for these three transactions was based on a 7-year term and a 25-year amortization schedule. NorthMarq arranged these financings for the borrowers through its relationship with a national bank.