PHOENIX – NorthMarq Capital's Phoenix-based regional office, arranged first mortgage refinancings in the total amount of $6.45 million for two retail centers. The centers contain a combined total of 65,376 sq. ft. of retail space. Shoppes at Mirador Square, a 46,157 sq. ft. anchored retail center located at 870 East Warner Road in Gilbert, Arizona, was financed at $3.6 million. The lender was able to get comfortable that the dark anchor space could be released in a reasonable time frame. This new loan gave the borrower the ability to lock in a lower interest rate resulting in higher cash flow. South Point Pavilion, a 19,219 sq. ft. unanchored retail center located at 1479-1503 Highway 20 West in McDonough, Georgia, was financed at $2.85 million. The borrower took advantage of today’s low interest rates to refinance this well-located center and substantially improve his cash flow. Financing for these two transactions was based on a 7-year term and a 25-year amortization schedule. NorthMarq arranged these financings for the borrowers through its relationship with a national bank.
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 an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit www.Northmarq.com.
