Northmarq’s San Diego office completes $3.05 million refinance of unanchored retail property in Colorado Springs, Colorado
Unanchored Retail Property
SAN DIEGO, CALIFORNIA (April 21, 2022) - Steve Hollister, senior vice president in Northmarq’s San Diego debt/equity office, arranged a $3.05 million permanent fixed-rate loan for a 17,177 sq. ft. (Phase II) unanchored retail center in Colorado Springs, Colorado. Phase II was 90 percent leased at the time of loan application. The overall occupancy of the center was 96 percent.
“Northmarq’s correspondent life insurance company won this business due to their existing relationship with the borrower on Phase I and the ability to offer maximum proceeds by crossing the two loans. They also provided an interest rate and terms that were attractive to the borrower,” said Hollister.
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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.
