Shari Stults, vice president of NorthMarq’s Phoenix regional office, arranged first mortgage refinancing of $2.5 million for Airpark Home Center located at 8355 East Butherus Drive in Scottsdale, Arizona. This asset is a multi-tenant industrial flex building with approximately 50% of showroom/office space and 50% warehouse space. The major tenant at the site is Hughes Supply, a provider of complete lines of residential, commercial, and decorative showroom plumbing supplies from leading manufacturers. Financing was based on a 5-year term and a 25-year amortization schedule. NorthMarq arranged this financing for the borrower through its relationship with a correspondent life company lender.
“This is a high quality building in a great location near Costco, and it has a solid tenant base with a strong orientation towards upscale home improvements,” Stults said. “We were pleased to arrange attractive, flexible, fixed-rate and non-recourse financing on this asset.”