James DuMars, senior vice president/managing director of NorthMarq Capital’s Phoenix based office and Michael Elmore, executive vice president/managing director of NorthMarq Capital’s Los Angeles based office arranged refinancing of $13 million for 19th & Pinnacle Peak Commerceplex – Phase II, a 186,286 sq.ft. warehouse/distribution center located at 23610 and 23620 North 20th Drive in Phoenix, Arizona. The transaction was structured with a 10-year term and 30-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with Thrivent Financial.
“This is a 20 year relationship. The lender was flexible in providing the repeat borrower with a competitive long term fixed interest rate and substantial cash flow for reinvestment from loan proceeds. After a record 2014, Thrivent is actively seeking additional lending opportunities on industrial and office properties,” said DuMars.