PHOENIX – James DuMars, senior vice president/senior director of NorthMarq Capital’s Phoenix based regional office and Michael Elmore, executive vice president/managing director of NorthMarq Capital’s Los Angeles based regional office arranged the $10.4 million refinance of Weststate Arizona Commerce Center (Buildings II & III), a 231,166 sq.ft. industrial property located at 825 North 73rd Avenue and 7225 West Roosevelt Street in Phoenix, Arizona. The transaction was structured with a 10-year term and 30-year amortization schedule. NorthMarq arranged financing for the borrower, EJM Development Co., through its correspondent relationship with Thrivent Financial for Lutherans. Major tenants at the property include Guardian Glass Company, Golden State Overnight Delivery Service and BASF Corporation. “We introduced these parties nearly 20-years ago and have arranged nearly 20 transactions between them during that period,” said DuMars. “Some of these transactions were during the height of the financial crisis as Thrivent never left the market.” Elmore added that, “Thrivent offered extremely competitive terms with a sub four percent interest rate and 70 percent LTV. The fact that we service for this lender is a big plus to borrowers as we can react quickly to assumption requests, lease approvals and other events that require lender approval.”
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 a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. Through the 2022 acquisition of Stan Johnson Company, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit www.northmarq.com.
