James DuMars, senior vice president/managing director of NorthMarq Capital’s Phoenix-based regional office and Dennis Williams, senior vice president/managing director of NorthMarq Capital’s San Francisco regional office arranged a $14.8 million loan on the refinance of Seville Professional Center, an approximate 92,000 square foot multi-tenant office building in Scottsdale, Ariz.
The transaction was structured with a 12-month term, interest-only, and 2, 12-month extension options. The financing was through its relationship with a bridge-lender.
“The client needed a bridge solution to accommodate their CMBS loan maturity. We were able to tap our existing lending relationships and close in 10 days” states DuMars.