NorthMarq Capital arranges $7.6 million refinance for shops anchored by Ross/Joanne Fabrics in El Paso, Texas
Yarborough Plaza
PHOENIX – James DuMars, senior vice president/managing director of NorthMarq Capital’s Phoenix office arranged the $7.6 million refinance on the property known as Yarborough Plaza. The low-leverage loan was structured with a 10-year term with 5-years interest only followed by a 30-year amortization schedule. NorthMarq arranged financing for the borrower, a prominent real estate developer in Phoenix, through its relationship with New York based Bancorp. Ranch Market, Joanne Fabric, Ross and Dollar Tree represent the property’s major tenants. “I arranged the existing CMBS debt for this asset 10 years earlier and this time around the interest rate was nearly 1% less. This is a good case study of the market and how many borrowers are able to pay off their maturing loans that were done during the peak years and obtain a more superior loan today,” said DuMars. “Due to global financial market volatility the CMBS market has been a bit choppy in terms of spreads widening but the interest rate of 4.35% is still very attractive.”
Meet our team
About Northmarq
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.
