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6/29/15
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Newmark Realty Capital Inc has arranged acquisition financing for Northsight Village, an 88k sf, Savers-anchored shopping center situated on approximately 8.957 acres in Scottsdale, AZ. The non-recourse loan has a 10-year term and is based on a 30-year amortization schedule. It was 88% occupied at the time of funding.
The property is located in the Scottsdale Airpark, which is Arizona’s second largest employment center. The area includes the Scottsdale Airport, WestWorld, TPC Golf Course, Scottsdale Quarter, Perimeter Center, Scottsdale Promenade. It is home to over 55,000 employees, 2,600 businesses and 23,000,000 square feet of office space and is expected to continue growing by over 3,000 employees per year. Many important companies are headquartered or have regional headquarters in the park, including AXA, GE Capital, DHL, Discount Tire Company, Fidelity Investments, JDA Software, GoDaddy.com, and The Vanguard Group.
Tim Storey, Principal in Newmark’s Phoenix office, and Jamie Dick, Vice President of Newmark’s San Diego office, assisted by Production Associates Jay Dick and Chad Metzger, arranged the financing for the borrower, a Phoenix based real estate investment firm. The lender is a New York based lender. All other terms and conditions were not disclosed.
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