SEATTLE (January 23, 2018) – Bob Spiro, senior vice president/managing director of NorthMarq Capital’s Seattle regional office, negotiated refinancing of $45,000,000 for Meridian Sunrise Village, a 226,054 sq. ft. retail property located in Puyallup, Washington. Meridian Sunrise Village Shopping Center is a premier open air shopping experience anchored by Target, Pet Smart, LA Fitness and Staples. The transaction was structured by a 10-year term on a 30-year amortization schedule, with 10 years interest only. NorthMarq arranged financing for the borrower through its relationship with a CMBS lender.
“We were able to secure a very competitive fixed-rate loan with a full term of interest- only,” noted Spiro. “It was critical that we collateralized the loan with the buildings only and we accomplished that with a cross use agreement for the parking.”
About NorthMarq Capital
NorthMarq Capital, the largest privately held commercial real estate financial intermediary in the U.S., provides debt, equity and commercial loan servicing through its 37 offices nationwide. The company has built long-term relationships with life companies, CMBS platforms and local, regional and national banks, with a long track record of multifamily loan origination through Freddie Mac, Fannie Mae and FHA/HUD. The company closes approximately $13 billion in commercial real estate loans annually and services a loan portfolio of more than $50 billion. For more information please visit www.northmarq.com.