Dealmaker: NorthMarq Capital Arranges $86M for Retail, Multifamily Assets

NorthMarq Capital, Minneapolis, arranged $86.1 million for retail and multifamily assets in California, North Carolina and Florida.

In Redlands, Calif., NorthMarq’s Los Angeles office secured $46.5 million to refinance Redlands Town Center, a 252,000-square-foot retail property anchored by JC Penney and Toys R’ Us. NorthMarq Senior Vice President and Managing Director Ory Schwartz made the arrangements.

A commercial mortgage-backed securities lender provided the 10-year interest-only loan.

“NorthMarq was successful both in mitigating the lender’s concern regarding the negative press on the anchor, JC Penney, and providing minimal structure for the potential rollover of the anchor tenants during the term of the loan,” Schwartz said. “The sponsor is an Orange County-based private firm that has a substantial retail portfolio throughout California.”

In Greensboro, N.C., NorthMarq Capital Vice President Mark Jeffries secured $18.5 million to refinance New Garden Crossing, a 169,000-square-foot retail property that houses Lowe’s Foods, Marshalls and Home Goods. He structured the loan with a 10-year term on a 30-year amortization schedule.

NorthMarq Capital also arranged $21.1 million via Freddie Mac’s Green Up program for a 146-unit multifamily property Berkshire Reserve in Naples, Fla. Northmarq Senior Vice President and Senior Director Lee Weaver and Senior Vice President and Managing Director Melissa Marcolini-Quinn secured the agency financing.

“We were able to structure the loan with a flexible prepayment option and utilize Freddie Mac’s Green Up program, which will allow the borrower to not only enhance the value of the asset with utility-saving improvements but also obtain reduced loan pricing,” Weaver said.