NorthMarq Capital's Phoenix office arranged $6.45 million in combined mortgages for two retail centers
Two Retail Centers
PHOENIX – NorthMarq Capital's Phoenix-based regional office, arranged first mortgage refinancings in the total amount of $6.45 million for two retail centers. The centers contain a combined total of 65,376 sq. ft. of retail space. Shoppes at Mirador Square, a 46,157 sq. ft. anchored retail center located at 870 East Warner Road in Gilbert, Arizona, was financed at $3.6 million. The lender was able to get comfortable that the dark anchor space could be released in a reasonable time frame. This new loan gave the borrower the ability to lock in a lower interest rate resulting in higher cash flow. South Point Pavilion, a 19,219 sq. ft. unanchored retail center located at 1479-1503 Highway 20 West in McDonough, Georgia, was financed at $2.85 million. The borrower took advantage of today’s low interest rates to refinance this well-located center and substantially improve his cash flow. Financing for these two 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.
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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.
