WICHITA, KAN. — NorthMarq Capital has secured two loans for two Wichita retail properties totaling $14.6 million. First, Gary McGlynn of NorthMarq’s Washington, DC, office and Joseph Burke of the firm’s Baltimore office arranged $8 million in first-mortgage financing for Westgate Market. The 133,771-square-foot shopping center is fully leased to a tenant roster that includes Best Buy, TJ Maxx and Michael’s. The financing comprises a floating rate, interest-only loan based on a 3-year term with two 1-year extension options. The borrower was KIR Westgate Market LP and the lender was a life insurance company. In addition, McGlynn and Burke arranged $6.8 million in first-mortgage financing for Tall Grass Center. The 96,011-square-foot retail property is fully occupied by a tenant roster that includes Dick’s Sporting Goods and Gordmans. The loan carries the same terms as the one for Westgate Market. The borrower was KIR E Wichita LP and the lender was a life insurance company.
73
previous post