NorthMarq’s Miami office secures $14 million refinancing of Village Square Shopping Center in Pembroke Pines, Florida
MIAMI, FLORIDA (April 9, 2020) – Michael Balan, senior vice president of NorthMarq’s Miami office, arranged $14 million in refinancing for Village Square Shopping Center. The 88,529 sq. ft. retail property is located at 1601-1697 North Hiatrus Road in Pembroke Pines, Florida. The property contains a new Publix plus two outparcels – Bank of America and McDonald’s.
“The combination of a great location, quality tenants and substantial historical anchor sales allowed us to attract a long-term fixed rate well below most lenders shorter term rates. NorthMarq was able to offer multiple extremely competitive options,” said Balan.
The transaction was structured with a 21-year term with 1-year of interest only followed by a 20-year amortization schedule. NorthMarq arranged the permanent-fixed loan for the borrower through its correspondent relationship with a life insurance company.
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
