Greg Benjamin, vice president of Minneapolis-based NorthMarq Capital's Denver office, arranged the $4-million financing. Safeco Life, based in Seattle, was the lender and Furniture Row USA LLC was the borrower. The financing amortizes over 15 years.
The stores' location near the mall and the borrower's longevity played a big part in the lender's participation, Benjamin tells GlobeSt.com. The relatively short amortization period "gives the lender a pretty quick repayment of their principal, which the lender likes and it works for the borrower because his ultimate goal is to own the real estate free and clear someday." Furniture Row sells a variety of goods including sofas, bedroom sets, mattresses and oak furniture.
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