Dealmaker: NorthMarq Secures $60M
NorthMarq, Minneapolis, secured $60 million for industrial, multifamily and retail properties in three states.
In San Diego, Senior Vice President Steve Hollister arranged a $15 million fixed-rate loan secured by a 110,500-square-foot industrial complex. The asset includes three concrete tilt-up buildings; one building is multitenant divisible down to 3,000 square feet and the other two buildings are divisible but presently leased to single tenants.
The 15-year non-recourse loan included a 30-year amortization schedule and a stepdown prepayment in the last five years. NorthMarq arranged the loan through its correspondent relationship with a life insurance company.
The lender won the financing by offering a very competitive interest rate with flexible funding options including the ability to fund the loan at the then current 77 percent occupancy with a holdback or master lease or with no structure if the occupancy reached 85 percent, Hollister said. The lender also gave a 120-day funding window from loan application/rate lock to maximize the opportunity for lease-up.
NorthMarq also arranged $17.5 million to refinance Eltingville Shopping Center in Staten Island, N.Y. Senior Vice Presidents Charles Cotsalas and Robert Delitsky collaborated on the transaction. The 98,500-square-foot mixed-use property in Staten Island’s Eltingville neighborhood is anchored by a Rite Aid drug store and Santander Bank.
Cotsalas and Delitsky secured the permanent-fixed rate loan for the multi-generational owner through a commercial mortgage-backed securities lender. “The sponsor developed the property in the 1970s and 1980s and have done a fabulous job maintaining very strong occupancy. The structure of the 10-year interest-only loan met all of the borrower’s needs,” Cotsalas said.
In Puyallup, Wash., NorthMarq Senior Vice President Bob Spiro and Vice President Scott Moline completed the $27.5 million refinance of Glacier Run Phase II, a 144-unit multifamily property. NorthMarq secured the 10-year fixed-rate loan through its in-house Fannie Mae team.
Puyallup is 35 miles southeast of Seattle and 10 miles southeast of Tacoma.
