Dealmaker: NorthMarq Arranges $84M for Office, Industrial Assets

NorthMarq, Minneapolis, arranged $83.8 million for office and industrial properties in eight states.

8055 S Tufts Ave.

In Colorado, NorthMarq Vice President Christina Grimme arranged $60 million in acquisition financing for the Denver Tech Center Portfolio. The two-property portfolio includes Stanford Place I (financed at $37.6 million and containing 273,963 square feet) at 8055 E. Tufts Avenue and Yosemite (financed at $22.4 million and containing 202,158 square feet) at 6455 S. Yosemite Street.

The 10-year loan included three years of interest-only payments followed by a 30-year amortization schedule. NorthMarq secured the permanent-fixed loan for borrower Alturas Capital Partners, Eagle, Idaho, through its relationship with a credit union. 

Grimme said the portfolio’s suburban location and its diverse mix of national and regional tenants helped secure competitive financing terms. “The three years of interest-only give the borrower some runway for additional lease-up and value creation,” she said.

Gary Hough, Senior Vice President in NorthMarq’s Houston office, arranged $23.8 million to recapitalize a single-tenant industrial portfolio with 13 Class A and B properties across Alabama, Colorado, Indiana, Louisiana, Maryland, Texas, Virginia and Wyoming. The recapitalization (payoff acquisition line of credit and consolidation into one loan) was structured with a 21-year fully amortizing term. A life company lender supplied the financing.

“This transaction is part of more than $100 million of financing with this borrower that NorthMarq has completed over the past two years,” Hough said. “We were able to offer some flexibility for collateral substitutions and prepayment.”