Dealmaker: NorthMarq Capital Arranges $27M in Three States

October 6, 2015

NorthMarq Capital, Minneapolis, arranged $27.2 million for office and retail assets in Colorado, California and New York.

Doug Austin, senior vice president and senior director of NorthMarq’s San Diego office, arranged acquisition financing for two Colorado office properties totaling $13.6 million. One Park Centre, a 67,000-square-foot office property in Westminster, Colo., received $6.61 million. The 10-year loan includes three years of interest-only payments followed by a 30-year amortization schedule. And Highland Court, a 93,000-square-foot Class A office property in Centennial, Colo., received $7 million.

Austin also negotiated a $6 million cash-out refinance of Genesis Plaza, a 58,000-square-foot San Diego office property. The 10-year loan includes three years of interest-only payments followed by a 30-year amortization schedule.

“The commercial mortgage-backed securities lender structured the loan so as to address the current 78 percent occupancy and substantial near-term rollover,” Austin said.

On the East Coast, NorthMarq Senior Vice President and Managing Director Ernest DesRochers and Senior Vice President and Senior Director Charles Cotsalas arranged financing for a four-property retail portfolio in Suffolk County, N.Y. and a retail plaza in Dix Hills, N.Y. totaling $12.9 million.

Dix Hills Plaza, a 52,000-square-foot retail center on East Jericho Turnpike, received $8.5 million from a local bank. The nine-year loan has a 25-year amortization schedule. “The lender structured the loan without any prepayment premium to allow maximum flexibility for the borrower with respect to sale or future refinance,” noted DesRochers.

DesRochers and Cotsalas also refinanced a four-asset portfolio of Suffolk County retail properties for $4.4 million. The buildings contain a combined 131,000 square feet. They structured the transaction with a fully amortizing 18-year term.

“The borrower has a long and proven track record in the Long Island industrial market,” DesRochers said.