March 31, 2020
St. Louis-based NorthMarq Capital SVP David Garfinkel secured $42.3 million in financing for three retail properties in Tacoma, WA, St. Louis Park, MN and Fishers, IN. Financing for all three properties was arranged for a long-term, repeat borrower relationship.
In St. Louis Park, NorthMarq secured $18.3 million in acquisition financing for Park Place Plaza (pictured), an 87,975-square-foot center that was 100% leased at the time of closing. For the acquisition of Tacoma Central, a 111,611-square-foot retail property, NorthMarq secured acquisition financing of $19.5 million. Garfinkel also arranged a $4.3 million refinancing for Fishers Gateway Shops.
“We closed three loans with this borrower, with three different life insurance companies,” said Garfinkel. “All of them have an existing relationship with the borrower and all three did a great job on the two acquisitions as well as a refinance. This strong existing relationship is crucial for both the borrower and lenders.”
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