NorthMarq arranges $42.6 million in financing for repeat borrower through its correspondent life company relationships
ST. LOUIS, MISSOURI (March 20, 2020) – David Garfinkel, senior vice president/managing director of NorthMarq’s St. Louis office secured financing for three retail properties in Tacoma, Washington, St. Louis Park, Minnesota and Fishers, Indiana. Financing for all three properties was arranged for a long-term, repeat borrower relationship.
“We closed three loans with this borrower with three different life insurance companies. All of them have an existing relationship with the borrower and all three did a great job on the two acquisitions as well as a refinance. This strong existing relationship is crucial for both the borrower and lenders,” said Garfinkel.
Tacoma Central: NorthMarq arranged acquisition financing of $19.5 million for Tacoma Central. The 111,611 sq. ft. retail property is located at 2323 & 2421 South Union Avenue and 3202-3330 South 23rd Street in Tacoma, Washington. The subject was 97 percent leased to 21 tenants at the time of this closing. Major tenants include: TJ Maxx, PetSmart, and Office Depot. The transaction was structured with a 7-year term on a 25-year amortization schedule.
Park Place Plaza: NorthMarq secured acquisition financing of $18.3 million for Park Place Plaza. The 87,975 sq. ft. retail property is located at 5699 West 16th Street; 1620 and 1650 Park Place Blvd; 5600, 5620, 5640, and 5680 Cedar Lake Road in St. Louis Park, Minnesota. The subject consists of four multi-tenant retail buildings. The property was 100 percent leased at the time of the closing. Major tenants include PetSmart and Office Depot. The transaction was structured with a 10-year term on a 25-year amortization schedule.
Fishers Gateway Shops: NorthMarq finalized the $4.8 million refinance of Fishers Gateway Shops. The 21,330 sq. ft. property is located at 9001 East 116th Street in Fishers, Indiana. The subject consists of a multi-tenant neighborhood shopping center. The subject was 100 percent leased at the time of the closing. The transaction was structured with a 10-year term on a 25-year amortization schedule.
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