Apr
29
NorthMarq Arranges $23Mln Loan for Phoenix Shopping Center
ByWells Fargo Bank has provided $23 million of financing against Foothills Park Place, a 132,496-square-foot retail property in Phoenix.
The loan, arranged by NorthMarq Capital, is expected to be securitized and carries a rate that’s roughly 1 percentage point lower than the loan it took out. That loan, with a balance of $22.5 million, was securitized through Merrill Lynch Mortgage Trust, 2005-CIP1. It paid a coupon of 5 percent and was set to mature in July.
The collateral property, at 4820 East Ray Road, is 96 percent occupied by tenants such as Goodwill, which has taken over space that previously was leased by JCPenney, 2nd Wind Exercise Equipment, Sports Authority and FedEx…
NorthMarq Arranges $23Mln Loan for Phoenix Shopping Center
