Northmarq arranges $3.75 million in financing for two Midwest multi-tenant retail centers
SAN FRANCISCO (Sept. 3, 2024) — Brandy Buttram, vice president of Debt + Equity in Northmarq’s San Francisco office, secured $3.75 million in financing for a 64,000-sq.-ft. retail strip center in Bradley, Illinois and a 20,000-sq.-ft. multi-tenant retail center in Merrillville, Indiana. The properties were both 100% occupied at the time of closing.
Brandy arranged the $2.5 million external refinance of Festival Center and $1.25 million acquisition loan for Mobility Works Auto Retail Center through a correspondent relationship with StanCorp Mortgage Investors LLC. Both transactions were structured on 25-year terms.
“We were happy to partner with StanCorp on both loans,” said Brandy. “They were able to deliver on a tight timeline for the second loan to ensure a smooth closing for our repeat borrower. Their ability to streamline the process and demonstrate efficiency made all the difference.”
Located at 185 S. Kennedy Drive, Festival Center is anchored by Big Lots and features strong, national retailers including Dollar General, Rent-A-Center and Papa Johns. The multi-tenant retail center is ideally situated in the Kankakee MSA retail corridor and boasts excellent visibility along Kennedy Drive.
Built in 1991, Mobility Works Auto Retail Center features freeway visibility, ample parking space and a mix of national automotive-related retailers. The 100% occupied retail property is well-positioned along a busy retail corridor with a population of 107,800 within a 5-mile radius.
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