RALEIGH (April 20, 2015) – Todd Crouse, senior vice president/managing director of NorthMarq Capital’s Raleigh based regional office arranged financing for a retail property located in Kingsport, Tennessee and a mixed-use property in Durham, North Carolina.
Crown Point Shopping Center: This 88,892 sq.ft. retail property, located on Eastman Road in Kingsport, Tennessee received acquisition financing of $10.3 million. The transaction was structured with a 20-year term and 25-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company.
City Place: This 30,588 sq.ft. mixed-use property, located in Durham, North Carolina received acquisition/external refinancing of $3.5 million. The transaction was structured with a 5-year interest only term followed by a 25-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a local bank.