James V. DuMars, senior vice president/senior director of NorthMarq Capital’s Phoenix based regional office and Michael Elmore, executive vice president/managing director of NorthMarq Capital’s Los Angeles-based regional office arranged the $10.4 million refinance of Weststate Arizona Commerce Center (Buildings II & III), a 231,166-SF industrial property located at 825 North 73rd Ave. and 7225 West Roosevelt St. in Phoenix.
The transaction was structured with a 10-year term and 30-year amortization schedule. NorthMarq arranged financing for the borrower, EJM Development Co., through its correspondent relationship with Thrivent Financial for Lutherans. Major tenants at the property include Guardian Glass Company, Golden State Overnight Delivery Service and BASF Corporation.
“We introduced these parties nearly 20-years ago and have arranged nearly 20 transactions between them during that period,” said DuMars. “Some of these transactions were during the height of the financial crisis as Thrivent never left the market.” Elmore added that, “Thrivent offered extremely competitive terms with a sub 4 percent interest rate and 70 percent LTV.” “The fact that we service for this lender is a big plus to borrowers as we can react quickly to assumption requests, lease approvals and other events that require lender approval” adds DuMars.