Thrivent Lends a Helping Hand in Phoenix
- Jul 31, 2015
NorthMarq Capital’s regional offices of Phoenix and Los Angeles have recently arranged a $10.4 million refinancing for Building II and III of the Weststate Arizona Commerce Center in Phoenix, Ariz.
NorthMarq Capital’s James DuMars and Michael Elmore secured the refinancing on behalf of the borrower, EJM Development Co. The loan was obtained through Thrivent Financial and structured with a 10-year term and a 30-year amortization schedule. The loan has an interest rate below 4 percent and a 70 percent loan-to-value ratio.
Located at 825 North 73rd Ave. and 7225 W. Roosevelt St., the center consists of three buildings totaling more than 380,000 square feet of industrial space.
EJM Development and Thrivent have had a long-standing work relationship, according to James DuMars, senior vice president & senior director of NorthMarq Capital’s Phoenix office. “We introduced these parties nearly 20-years ago and have arranged nearly 20 transactions between them during that period. Some of these transactions were during the height of the financial crisis as Thrivent never left the market.”
Image courtesy of EJM Development