Dealmaker: NorthMarq Capital Arranges $78M

NorthMarq Capital, Minneapolis, arranged $77.5 million for industrial, retail and mixed-use properties.

Michael Chase, Senior Vice President in NorthMarq’s Boston office arranged $44 million for 10 industrial properties in a portfolio with Investment Analyst Eric Raiche. The portfolio totals 1.1 million square feet in Lake and DuPage Counties, Ill.

“The portfolio is concentrated in two primary infill submarkets within Chicago with historic resiliency, high barriers to entry and strong demand from a diverse array of industries,” Chase said.

A life insurance company supplied a long-term fixed-rate loan with interest-only payments for the full term, Chase said.

NorthMarq’s New Jersey office also secured $18.5 million to refinance Rosman Center in Haverstraw, N.Y. Senior Vice President Gary Cohen arranged the fully amortizing 20-year loan.

The 123,000-square-foot grocery-anchored Rosman Center is anchored by a 60,500-square-foot ShopRite that just renewed its lease for 10 years.

“NorthMarq was able to secure the New York-based borrower long-term financing with a national life company at an attractive rate before the run up on the treasuries began,” Cohen said. “Ownership was able to pay off their debt service and return trapped equity which will be reinvested and put back into the property.”

In St. Petersburg, Fla., the firm arranged $15 million secured by Plaza Tower & Courtyard Shops, a 184,000-square-foot office and retail property. NorthMarq Senior Vice President Bob Hernandez structured a seven-year loan with a 25-year amortization schedule.

“The loan was non-recourse from a local community bank,” Hernandez said.

The property’s major tenants include Keller Williams Realty, LIG Marine and Gulfcoast Ultrasound Institute.