NorthMarq Arranges $128M for Retail, Industrial and Multifamily Properties

NorthMarq, Minneapolis, arranged $127.6 million for retail, industrial and multifamily assets in California and Ohio.

In Chula Vista, Calif. near San Diego, NorthMarq Senior Vice President Mike Dobbins secured $38 million to refinance a 375,000 square foot retail property. A life insurance company provided the 15-year loan with a 25-year amortization schedule.

“The non-recourse loan included a future funding provision and also provided equity back to the borrower for future acquisitions,” Dobbins said.

NorthMarq Executive Vice President Michael Elmore arranged $65 million for three industrial properties in Mira Loma and Ontario, Calif.

The Hartford, Hartford, Conn., supplied a 10-year loan at 3.65 percent to refinance the nearly 1.6 million square foot Inland Empire industrial portfolio.

In Cincinnati, NorthMarq Capital Senior Vice President and Managing Director Susan Branscome arranged $24.6 million in acquisition financing for a 250-unit multifamily property. She structured the 10-year loan with five years of interest-only payments followed by a 25-year amortization schedule.

NorthMarq arranged the financing through its seller/servicer relationship with Freddie Mac, McLean, Va.

“This was a purchase of a Cincinnati multifamily property and a 70 percent loan-to-purchase price request,” Branscome said. She noted that the borrower received a reduced interest rate through Freddie Mac Multifamily’s Green Advantage program. “We locked the index and closed the loan in 45 days,” she said.