Aaron Beck, senior vice president of NorthMarq’s San Diego office negotiated a $10 million loan for the refinance of Ocotillo Business Center, a 164,250 sq. ft. business park located in Tempe, Arizona.
The financing was arranged for the borrower through an insurance company for whom NorthMarq is a correspondent. The property allows a wide range of tenant uses due to the flex-style improvements. This, along with the newly constructed parking structure providing covered parking and a parking ratio of 5.0 spaces per 1,000 sq. ft., have made this an attractive property for tenants. The occupancy is 100 percent.
“The borrower refinanced the property to improve their return on investment,” said Beck. “The non-recourse loan achieved this objective and was structured with a long-term, fixed interest rate below 3 percent and a flexible prepayment schedule.”