NorthMarq Capital arranged $4.21 million mortgage for Vistoso Park in Oro Valley, Arizona
Vistoso Park
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.”
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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.
