Q10 RMIC Arranges $16M in New Mexico, Houston

Q10 Realty Mortgage & Investment Co. Albuquerque, N.M., arranged $16 million for office and retail properties in Albuquerque and Houston.

Q10 RMIC President Michael Kelly, CMB, and Director of Commercial Mortgages Michael Stordahl secured $7 million for Clifford Plaza I & II office buildings in Albuquerque. The two three-story buildings total more than 100,000 square feet and reached 90 percent occupied after a substantial renovation of all common areas and major tenant improvements.

“Clifford Plaza was a division headquarters for Cardinal Healthcare for many years until 2013, when the company decided to relocate this division outside of the U.S.,” Kelly said. “Given the location of the buildings, the layout and flexibility of the floor plates and the quality of the asset, the owners elected to re-tenant the asset into a major multi-tenant office building that is very competitive in the Albuquerque office market.”

In cooperation with Q10 Kinghorn, Driver, Hough & Co., Houston, Kelly and Stordahl also arranged $6.5 million in life company funds for Bay Terrace, a Houston multi-tenant office building. Kelly said the fixed-rate loan will remain call-protected for the full 15-year term but included flexible prepayment options.

Q10 RMIC also arranged $2.5 million for Alameda Retail Center in Albuquerque. A correspondent life insurance company provided a 15-year fixed-rate loan to refinance the 16,000-square-foot center that delivered in 2013.