Dealmaker: NorthMarq Closes $37M in Retail, Multifamily

NorthMarq Capital, Minneapolis, closed $36.8 million in retail and multifamily transactions in Florida and Arizona.

In Miami Beach, Fla., NorthMarq’s Jacksonville office secured $15.5 million to refinance the Hilton Bentley Beach hotel’s retail portion. Senior Vice President Ryan Whitaker negotiated the 10-year interest-only financing.

The parent property at 101 Ocean Drive in South Beach is a 109-room condo-hotel. Loan collateral included 18,575 square feet of commercial space including retail space, common area amenities and a parking garage.

“Our collateral for the loan was the hotel’s commercial space,” Whitaker said. “Some of the challenges that we faced were insurance, [because] oceanfront collateral during hurricane season tends to get a bit more scrutiny, value because there were separate approaches to value for the retail space and the parking garage including separate sets of sale and rent comps to shore up value and LTV, and the condo structure.”

In Flagstaff, Ariz., NorthMarq sold Pinecliff Village apartments at 1105 East Ponderosa Parkway for $21.3 million. The 1972-vintage property includes one- and two-bedroom apartments with private balconies and patios, a dog park and direct access to parks and trails.

NorthMarq Investment Sales President Trevor Koskovich, Executive Vice President Bill Hahn and Vice President Jesse Hudson represented both seller and buyer in the transaction. The buyer was FPA Multifamily LLC, Irvine, Calif. Sanchez Brothers LLC, Centerville, Utah, sold the property.

“Flagstaff is an attractive investment market as it is mature and stable, with predictable performance, rather than a growth market that is subject to highs and lows,” said Hahn.