The interest rate wasn't disclosed but area brokers familiar with similar loan transactions in this submarket tell GlobeSt.com the rate was between 5% and 6%. The financing covers the first and second phases of the complex. The six-year loan is based on a 30-year amortization schedule. NorthMarq Capital Inc. of Minneapolis brokered the loan.
The mortgage banking firm provides $9.5 million in annual transactional volume and services a loan portfolio of $25 billion. NorthMarq provides commercial real estate debt and equity financing and commercial loan servicing. The company's real estate investment consulting arm is NorthMarq Advisors LLC.
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