Northmarq completes acquisition financing for Shoppes at EastChase in Montgomery, Alabama
HOUSTON, TEXAS (January 27, 2023) –Managing Director of Northmarq’s Houston debt/equity team, Chad Owens, arranged acquisition financing for Shoppes at EastChase. The 388,700 sq. ft. class A big-box retail property is located at 7274 Eastchase Parkway in Montgomery, Alabama. The 72.5% LTV loan was structured with a 10-year term with 4-years of interest only followed by a 30-year amortization schedule. Northmarq secured the permanent-fixed rate loan for 5Rivers CRE through its relationship with a national bank.
“We were happy to facilitate another smooth closing at best of market terms for 5Rivers. They continue to be one of the prominent buyers of class “A” retail in the Southeast and Texas and we are privileged to be an integral part of their team,” said Owens.
The property represents south central Alabama’s premier shopping center, with more than 85 stores and restaurants. The anchors are Dillard’s, Target, Kohl’s, and H&M. Other notable tenants include: Aldi, Ross, PetsMart, Ashley’s, DSW, Versona, Lululemon, Starbucks, Victoria’s Secret and Talbots.
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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.
