Dealmaker: NorthMarq Capital Arranges $69M

NorthMarq Capital, Minneapolis, arranged $68.7 million for industrial, multifamily and retail assets in four states.

In Massachusetts, Senior Vice President Michael Chase arranged $24.6 million to refinance the Peabody & Danvers industrial portfolio. The two buildings in Peabody and Danvers, Mass. total 320,000 square feet. A regional bank provided the financing.

“The prior loans were commercial mortgage-backed securities deals with high prepayment penalties which ran up until just before their scheduled maturities,” Chase said. “We were able to help the borrower lock in a rate over six months in advance to target the window when the loans would be open for prepayment.” He noted that the new long-term non-recourse loan included a more flexible prepayment structure than the former loan.

NorthMarq Capital’s Denver office arranged a $21.5 million Fannie Mae Delegated Underwriting and Servicing loan to refinance Colonial Square Apartments in Bellevue, Wash. Senior Vice President Greg Benjamin and Investment Analyst Mark Lindgren arranged the loan for a Weidner Investment Services division.

In Gainesville, Fla., Bob Hernandez, Senior Vice President and Managing Director of NorthMarq’s Tampa, Fla. office, arranged $10.35 million to refinance Publix Market Square, a 71,000-square-foot asset. 

Hernandez structured the life company financing with a 10-year term and 30-year amortization schedule. “The lender did an excellent job of structuring the transaction to allow an earn-out once the [asset’s] dark space was re-tenanted,” he said.

NorthMarq’s Omaha, Neb., office also secured $12.3 million to refinance Providence Pointe East, a 141-unit multifamily property in Johnston, Iowa. Senior Vice President Jason Kinnison arranged the financing through the firm’s seller-servicer relationship with Freddie Mac, McLean, Va.