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May. 9, 2014

NorthMarq Brokers $2.7M Acquisition Financing; HFF Arranges Infill Retail Asset Sales

By Eliza Theiss, Associate Editor

Northlake Plaza

NorthMarq Capital’s Charlotte-based regional office vice president, Kevin Jenkins, has arranged $2.17 million for the acquisition of Northlake Plaza, the company announced.

The deal is structured with a 15-year term and a 25-year amortization schedule and has been set up by NorthMarq for the borrower through its relationship with a correspondent life company. Northlake Plaza features 9,600 square feet of retail space.

This isn’t the only deal NorthMarq recently handled in the Charlotte region.  Jenkins also arranged the $2.85 million refinance of the 31,500-square-foot Mallard Professional Center office building. The transaction was arranged by NorthMarq through its relationship with credit Union and was structured with a five-year term and 20-year amortization.

Northmarq also arranged the recent refinance the 208-unit Woodview Apartments in Charlotte. Senior Vice-President/Managing Director of NorthMarq Capital’s Charlotte office Bill Matone structured the $4.128 million refinance with a 10-year term and 30-year amortization schedule. Financing was arranged with Fannie Mae DUS lender.

In other retail news, HFF recently closed on the sale of the 64,901 Specialty Shops on the Park urban infill retail center in Charlotte. A joint venture between a Hill Partners Inc. affiliate and an institutional partner picked up the property for an undisclosed amount free and clear of existing debt, from the previous owner, a family office advised by Aston Properties of Charlotte. Managing director Richard Reid and Jim Hamilton led the HFF sales team representing the seller.

Located in the affluent SouthPark suburb of Charlotte, the 6401 Morrsion Boulevard retail center is located across the street from popular shopping destination SouthPark Mall. Specialty shops tenant roster includes Bricktop’s, Williams-Sonoma and Talbots.

Image via Northmarq

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