Shari Stults, vice president of NorthMarq’s Phoenix regional office, arranged first mortgage refinancing of $2.5 million for Airpark Home Center located at 8355 East Butherus Drive in Scottsdale, Arizona. This asset is a multi-tenant industrial flex building with approximately 50% of showroom/office space and 50% warehouse space. The major tenant at the site is Hughes Supply, a provider of complete lines of residential, commercial, and decorative showroom plumbing supplies from leading manufacturers. Financing was based on a 5-year term and a 25-year amortization schedule. NorthMarq arranged this financing for the borrower through its relationship with a correspondent life company lender.
“This is a high quality building in a great location near Costco, and it has a solid tenant base with a strong orientation towards upscale home improvements,” Stults said. “We were pleased to arrange attractive, flexible, fixed-rate and non-recourse financing on this asset.”
About NorthMarq:
NorthMarq, 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. With an average of $8 billion in annual production volume and servicing a loan portfolio of nearly $40 billion, the company offers expertise to borrowers of all size. The company has a long track record of multi-family financing as a Freddie Mac Program Plus™ Seller-Servicer, and through its affiliation with Fannie Mae DUS lender AmeriSphere Multifamily Finance. In addition, NorthMarq has long relationships with over 50 life companies, many CMBS platforms and hundreds of local, regional and national banks. For more information, please visit www.northmarq.com.
