Jackson Denton, SVP of the Philadelphia regional office of Minneapolis-based NorthMarq Capital, arranged the financing through Manulife Financial, a Canada-based financial services company that operates in 15 countries worldwide. The funding is for a 12-year term with a 12-year amortization schedule.
In an unrelated transaction, Thomas Minehart, EVP of NorthMarq's local area office, arranged a first mortgage of approximately $1.7 million for a nine-screen United Artists theater in East Whiteland, PA. The funding came through NorthMarq's correspondent relationship with Portland, OR-based StanCorp Mortgage Investors. Terms and interest rate are undisclosed.
The local NorthMarq office is one of 28 regional offices operated by the company nationwide. In all, NorthMarq provides more than $8 billion in annual transactional volume and services a loan portfolio of more than $23 billion. It is a subsidiary of Marquette Financial Co.
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