Dealmaker: NorthMarq Capital Arranges $63M for Retail, Multifamily

NorthMarq Capital, Minneapolis, secured $15.4 million for a New York State retail portfolio and $47.6 for multifamily properties in California and Oklahoma.

Robert Ranieri, Senior Vice President and Managing Director in NorthMarq’s New York/Connecticut office, arranged $15.4 million to refinance three Walgreens drug stores in Brighton, Camillus and Cortland, N.Y. The stores total 44,000 square feet of retail space.

Ranieri structured the transaction with a 10-year term with two years of interest-only payments followed by a 25-year amortization schedule. He said the new life insurance company loan replaced a maturing commercial mortgage-backed securities loan.

In California, NorthMarq Capital Executive Vice President and Managing Director Michael Elmore secured $35.2 million in Freddie Mac supplemental financing for Advanced Real Estate Services, Lake Forest, Calif.

ARES refinanced five apartment communities:

•       Beachwood–a 301-unit Class A property in Anaheim, Calif.
•       California Palms–a 190-unit Class B property in Santa Ana, Calif.
•       Countrywood–a 161-unit Class B property in Redlands, Calif.
•       Summerwood–a 98-unit Class B property in La Habra, Calif.
•       Sundial–a 106-unit Class A property in Anaheim, Calif.

The refinanced portfolio consists of 856 apartment units and includes more than 667,000 net rentable square feet, Elmore said, noting that the five-year loans average a 4.85 percent interest rate.

In Tulsa, Okla., NorthMarq Capital Senior Vice President and Senior Director Suzanne Jones arranged $12.4 million to refinance Ashford Overlook, a 284-unit multifamily property. The seven-year floating-rate loan included two years of interest-only payments followed by a 30-year amortization schedule.

“The sponsor added significant value to the property through their strategic value-add program,” Jones said. “Their value creation allowed for maximum proceeds to replace their bridge facility.”