PHOENIX-Ten years into its ownership of a 243,039-sf industrial building on the city’s west side, Amir Development Co. of Beverly Hills, CA has refinanced the asset for $7.5 million. International Paper Co. occupies about 86% of the building in a six-year lease.

Robert Hervey, executive vice president and senior managing director of Minneapolis-based NorthMarq Capital Inc.’s Los Angeles office, and James DuMars, senior vice president and managing director in Phoenix, arranged the financing. Hervey says three lenders stepped forward with compelling offers to finance the 4141 W. Van Buren St. property, with Des Moines-based Principal Real Estate Investors LLC landing the deal.

Hervey says Principal provided a six-year-term and 30-year amortization on a 65% loan to value financing. The interest rate is 6.1%. “Principal had the best terms, with the spread and amortization,” Hervey tells

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