PHOENIX – NorthMarq Capital’s Phoenix-based regional office arranged first mortgage refinancing of $4.21 million for Vistoso Park, a 46,157 sq. ft. shadow-anchored retail center located in Oro Valley, Arizona. The center is occupied by local credit tenants shadowed to a Safeway. Financing was based on a 10-year term and a 25-year amortization schedule. NorthMarq arranged this financing for the borrower through its relationship with a life company lender. The property had a considerable amount of near term lease roll that made it difficult for most lenders to underwrite. The lender was able to get comfortable given that most tenants had been in the property for 10 years and the borrower had 50 percent cash equity in the transaction. “The lender was terrific,” said Cooper. “They worked through all of the tenant rollover issues and several last minute changes in the borrower structure.”
Retail -
Debt
