Shari Stults, vice president of the NorthMarq Capital Phoenix Regional office, arranged first mortgage refinancing of $6M for Scottsdale Atrium Professional Building, 14300 N. Northsight Blvd., in Scottsdale.
The two-story, 71,516 SF multi-tenant office building was designed to be and is occupied by small to medium tenants. The average tenant size is 1,300 SF. Financing was based on a 2-year interest-only term and was arranged for the borrower by NorthMarq Capital through its relationship with a correspondent life insurance lender.
“The borrowers were very pleased that our correspondent life insurance company structured a flexible, non-recourse, interest-only loan,” Stults said. “Everyone worked together to meet critical deadlines as well, resulting in a successful loan closing on a tremendous asset.”
NorthMarq Capital, the largest privately held commercial real estate financial intermediary in the U.S, provides mortgage banking and commercial loan servicing in 33 offices across the U.S.