Northmarq’s San Diego office completes $3.05 million refinance of unanchored retail property in Colorado Springs, Colorado
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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