Dealmaker: Northmarq Secures $27M for Office, Retail Properties

Northmarq, Minneapolis, secured $26.7 million to refinance office and retail properties in Virginia and California.

Gary McGlynn and Kenneth Gentzel, Managing Directors in Northmarq’s Washington, D.C. debt/equity office, arranged $14.2 million for Cambridge Office Plaza. The property at 8381 and 8391 Old Courthouse Road in Tysons, Va., includes 96,759 square feet of rentable office space. The three-story office building has easy access onto the Capital Beltway and SR-267, the Dulles Toll Road.

Northmarq arranged the permanent-fixed rate loan through its relationship with a local bank.

In El Cajon, Calif., Northmarq secured $12.5 million to refinance Madison Plaza, a 67,800-square-foot Petco-anchored retail center.

Conor Freeman and Wyatt Campbell, both Vice Presidents in Northmarq’s San Diego office, arranged the 10-year loan with a 30-year amortization schedule. A regional credit union supplied the financing.

“Our capital source provided a 90-day rate lock in late April, allowing our repeat client to take interest rate volatility off the table, despite the 10-year Treasury coming within 40 basis points of the all-in rate,” Freeman said. “The loan features a step-down prepay that burns off completely after year three, providing our client with much more flexibility than the commercial mortgage-backed securities loan we refinanced.”