Jim Cooper, vice president of NorthMarq’s Phoenix regional office arranged first mortgage refinancings in the total amount of $6.45M for two retail centers. The centers contain a combined total of 65,376 SF of retail space.
Shoppes at Mirador Square, a 46,157 SF anchored retail center at 870 E. Warner Rd. in Gilbert was financed at $3.6M. The lender was able to get comfortable that the dark anchor space could be released in a reasonable timeframe. 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 SF unanchored retail center in McDonough, Ga., was financed at $2.85M. 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.