James DuMars, SVP and managing director of NorthMarq’s Phoenix regional office, and Michael Elmore, SVP and managing director of NorthMarq’s Los Angeles office, arranged first mortgage refinancing of $17.15 million for Pinnacle Peak Commerceplex I, a 302,254 sq. ft. warehouse distribution property located in Phoenix, Arizona. Financing was based on a 10-year term and a 27-year amortization schedule. NorthMarq arranged this financing for the borrower through its relationship with a correspondent life company lender.
“The lender was flexible in providing the borrower with a very low loan spread and substantial cash flow for reinvestment from loan proceeds,” DuMars and Elmore said.