Northmarq Structures $14M Financing for Madison Plaza in Huntsville
Northmarq’s Atlanta-based debt/equity team has finalized the $14-million financing of Madison Plaza, a Class A- retail property located at 930 Old Monrovia Road in Huntsville, AL.
Randy Wolfe of Northmarq, a full-service capital markets resource for commercial real estate investors, structured with a 10-year term with one year of interest only on a 25-year amortization schedule. Northmarq arranged the permanent-fixed loan for the borrower through its relationship with a regional credit union.
The 153,739-square-foot Madison Plaza was built in 1984 and last renovated in 2016. The property is situated adjacent to the borrower’s Mid-City District mixed-use development. Tenants at the property include Havertys, Stars and Strikes, State Farm, Dragon Alley and Viet Huong.
“Our lender showed a great deal of flexibility by accommodating the property’s transference into the specially zoned Mid-City District with its related PID and POA entities,” said Wolfe.