NorthMarq’s Houston office negotiates refinance of retail property in Springfield, Pennsylvania
HOUSTON, TEXAS (April 11, 2021) – Matt Franke, senior vice president of NorthMarq’s Houston office, finalized refinancing for Springfield Plaza. The 37,223 sq. ft. retail property is located in Springfield, Pennsylvania. The transaction was structured with a 10-year term on a 25-year amortization schedule. NorthMarq arranged the permanent-fixed loan for the borrower through its correspondent relationship with OneAmerica, a life company lender.
“NorthMarq was able to facilitate this loan with OneAmerica based upon lender's willingness to provide a creative prepayment structure to match the borrower's investment strategy, coupled with a low non-recourse interest rate,” said Franke.
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