NorthMarq Capital arranged $18.25 million mortgage for Chapel Hill Shopping Center in Fort Worth, Texas
Chapel Hill Shopping Center
DALLAS (April 25, 2013) – Phillip Bankhead, vice president of NorthMarq’s Dallas regional office, arranged first mortgage refinancing of $18.25 million for Chapel Hill Shopping Center, a 200,000 sq. ft. retail center located at I-30 and Hulen Street in Fort Worth, Texas. HEB Central Market, Container Store, and World Market are major tenants at the site. Financing was based on a 10-year interest-only term and was arranged for the borrower by NorthMarq through its relationship with a CMBS lender. “The property is on an unsubordinated ground lease, but because of the quality of improvements and low leverage, the loan was aggressively competed for by both Life Insurance Company and CMBS lenders in terms of interest rate and interest only structure,” said Bankhead. “We had some challenges at the end of the process, but the lender found an acceptable way to structure around the risk and delivered a great financing.”
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Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. For more information, visit www.northmarq.com.
