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NorthMarq Secures $74M in Financing for Spec Office Development in Chandler
An affiliate of the Douglas Allred Company secured $73.5 million in financing for the speculative development of a 300,000-square-foot Class A office project in Chandler, AZ. NorthMarq’s Eric Flyckt and Casey Allred arranged a $46,000,000 construction loan and $27,500,000 mezzanine equity investment.
The loan was provided by Bank OZK, and the mezzanine equity was funded by an insurance company for whom NorthMarq is a correspondent. Construction will commence immediately, and completion is scheduled for October 2021.
The project comprises two, three-story buildings and an 800-stall parking structure. The concrete tilt-up buildings will offer 10- to 12-foot ceiling heights, high-quality finishes and a six per 1,000 parking ratio.
Park Place is a 200-acre business park assembled and developed by the Douglas Allred Co. beginning in 2007 at the intersection of the 101 and 202 freeways. The company has completed more than 1.5 million square feet in Park Place, comprising office, manufacturing and retail buildings.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Financing
- ◦Development