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NorthMarq Capital Secures $38.5M for Tempe, AZ Asset
NorthMarq Capital arranged $38.5 million in financing for Birmingham, AL-based Harbert Management Corporation (HMC) and San Diego-based Cypress Office Properties, LLC to refinance a 292,000-square-foot office property in Tempe, AZ. The transaction was structured with a two-year interest only term for the asset located at 1501 and 1620 Fountainhead Parkway.
NorthMarq Capital’s Dennis Williams and Briana Harney arranged the refinance through a debt fund.
“HMC and Cypress acquired the property in December 2014, and have invested significant capital to reposition and lease up the property,” said Williams. “They were still in the process of completing lease-up when their existing debt was coming due. The new loan enabled them to refinance their debt on the property, secure additional funds for leasing costs, and will facilitate bringing the property to stabilization. The bridge loan has a favorable prepayment structure, which will enable the borrower to complete their business plan post lease-up.”
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Financing
