PHILADELPHIA– Philip E. Deeter, Senior Vice President and Managing Director of NorthMarq’s Philadelphia regional office, arranged refinancing of $24.2 million for Water Tower Square, a 262,788 sq. ft. retail center located in Montgomeryville, Pennsylvania. Home Depot, Office Max, and Planet Fitness are major tenants at this property. Financing was based on a 10-year term and a 30-year amortization schedule. NorthMarq arranged the financing for the borrower through its relationship with a CMBS lender.
NorthMarq, the largest privately held commercial real estate financial intermediary in the U.S., provides mortgage banking and commercial loan servicing in 33 offices coast to coast. With an average of $9.5 billion in annual production volume and servicing a loan portfolio of over $41 billion, the company offers expertise to borrowers of all size. The company has a long track record of multi-family financing as a Freddie Mac Program Plus™ Seller-Servicer, and through its affiliation with Fannie Mae DUS lender AmeriSphere Multifamily Finance. In addition, NorthMarq has long relationships with over 50 life companies, many CMBS platforms and hundreds of local, regional and national banks. For more information, please visit www.northmarq.com.