Chicago & Midwest + Midwest + Retail | March 31, 2020

NorthMarq’s Garfinkel Arranges $42M in Debt on Retail in Midwest, Northwest

St. Louis-based NorthMarq Capital SVP David Garfinkel secured $42.3 million in financing for three retail properties in Tacoma, WA, St. Louis Park, MN and Fishers, IN. Financing for all three properties was arranged for a long-term, repeat borrower relationship.

In St. Louis Park, NorthMarq secured $18.3 million in acquisition financing for Park Place Plaza (pictured), an 87,975-square-foot center that was 100% leased at the time of closing. For the acquisition of Tacoma Central, a 111,611-square-foot retail property, NorthMarq secured acquisition financing of $19.5 million. Garfinkel also arranged a $4.3 million refinancing for Fishers Gateway Shops.

“We closed three loans with this borrower, with three different life insurance companies,” said Garfinkel. “All of them have an existing relationship with the borrower and all three did a great job on the two acquisitions as well as a refinance. This strong existing relationship is crucial for both the borrower and lenders.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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