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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.”

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

  • ◦Financing
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