Dealmaker: NorthMarq Secures $29M in Retail Financing

NorthMarq, Minneapolis, arranged $28.7 million for Colorado and California retail assets.

In Colorado, NorthMarq’s Denver office arranged $18.7 million in acquisition financing for a Lodo’s Bar & Grill portfolio. Vice President Jeff DeHarty secured the financing for The Monfort Cos. and Summit Capital Venture Group, both headquartered in Denver.

The acquisition included three store locations in downtown Denver, Highlands Ranch and Westminster, Colo. that total 4.4 acres of real estate.

A national bridge lender provided the non-recourse floating-rate debt. DeHarty noted the high-leverage debt facility allowed for acquisition, future capital improvements and interest carry.

The joint venture principals included Kenneth Monfort, Jason Marcotte and Matt Runyon. Monfort’s father co-owns the Colorado Rockies baseball team. “Historic locations like the original Lodo’s [one block from Coors Field in Denver’s Lower Downtown neighborhood] capture the authentic spirit of Denver,” Monfort said.

In Santa Monica, Calif., NorthMarq Senior Vice President David Blum secured $10 million from a commercial mortgage-backed securities lender to refinance Montana Avenue Retail, a 15,906-square-foot retail property at 1302-1316 Montana Avenue. The 10-year fixed-rate loan will remain interest-only for its entire term.

The subject property is a mixed use-retail/office building that presently includes several boutiques and was 95 percent occupied at closing.