ST. LOUIS (November 5, 2014) – Jeffrey Chaney, senior vice president/managing director of NorthMarq Capital’s St. Louis based regional office has secured refinancing for two properties totaling a combined $18.8 million. Schnucks Market represents the major tenant of each property.
Wood Mill Plaza: This 85,523 sq.ft. retail property, located at 1060 Schnucks Woods Mills Plaza in Town and Country, Missouri, was refinanced at $8.5 million. The transaction, which closed in 60-days, was structured with a 20-year term and 25-year amortization. NorthMarq arranged financing for the borrower, through its correspondent relationship with a life insurance company.
“The lender provided the borrower with a low fixed-rate for 20-years on this quality grocery anchored shopping center in Town and Country,” said Chaney.
Loughborough Commons: This 100,382 sq.ft. retail property, located at 952 Loughborough Avenue in St. Louis, Missouri, was refinanced at $10.3 million. The transaction was structured with a 15-year term and 30-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company. The terms of the transaction featured a unique amount of prepayment flexibility for a permanent loan.
“The lender provided the borrower with a highly negotiated portfolio loan to meet the borrower’s short and long-term objectives,” noted Chaney.