Northmarq secures $5.5M acquisition loan for single-tenant industrial warehouse in Miami, FL
MIAMI (Nov. 5, 2024) — Northmarq Vice President Bob Harrington with the Fort Lauderdale Debt + Equity team successfully arranged the $5.5 million acquisition financing of a 29,000-sq.-ft. industrial warehouse in Miami, Florida.
“There were a lot of moving pieces in this transaction,” said Harrington. “The property acquisition was part of a sale-leaseback, which had the seller executing a new lease at closing. All parties communicated very well from the outset to arrive at the finish line together. The buyer/borrower took advantage of the ability to rate lock at application, which allowed them to lock a rate over the 5-year U.S. Treasury Index when it stood at 3.48%.”
Northmarq secured the permanent fixed-rate loan for the borrower through a correspondent life insurance company lender. The transaction was structured on a five-year term. In addition, the buyer executed a reverse 1031 exchange coordinated by the Northmarq 1031 Exchange team.
The industrial warehouse is located on NW 75th Avenue, adjacent to the Miami International Airport. The property is 100% leased to a leading seafood handling and freight forwarding company as part of a 15-year triple net lease agreement.
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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.
