Dealmaker: NorthMarq Capital Arranges $135M

NorthMarq Capital, Minneapolis, arranged $135.3 million for retail, office and mixed-use assets in Washington, California and Missouri.

In Puyallup, Wash., NorthMarq Senior Vice President Bob Spiro negotiated $45 million to refinance Meridian Sunrise Village, a 226,000-square-foot open-air retail property anchored by Target, Pet Smart, LA Fitness and Staples. He structured the 10-year loan on a 30-year amortization schedule with 10 years of interest-only payments. A commercial mortgage-backed securities lender provided the financing.

“We were able to secure a very competitive fixed-rate loan with a full term of interest-only,” said Spiro. “It was critical that we collateralized the loan with the buildings only and we accomplished that with a cross-use agreement for the parking.”

NorthMarq also secured $57.1 million in construction financing for Watermark II, a Class A office building in San Diego. A regional bank provided the five-year loan with three years of interest-only payments followed by a 25-year amortization schedule.

Mike Dobbins, Senior Vice President with NorthMarq, said the borrower was an owner-user that previously developed a neighboring Class A office building they occupy.

NorthMarq Senior Vice President David Garfinkel closed two deals in St. Louis, Mo. He arranged $13.2 million in acquisition financing for Westview Office Building, a 125,500-square-foot office building on Olive Boulevard. A life insurance company provided the financing to buyer Diamond Income Fund Investors.

Garfinkel and NorthMarq Vice President Dan Baker also arranged $20 million in construction financing for Hibernia Apartments, a 100-unit apartment property in St. Louis’ Dogtown neighborhood with 16,000 square feet of ground-floor retail space that a local grocer will lease.

The Bank of Washington, Washington, Mo., provided the funds.