Bob Harrington, vice president in Northmarq’s Miami Lakes debt/equity office, arranged financing of $3 million for the Shops at Shoal Creek, a 14,238-square-foot unanchored strip retail property at 8250-8260 N. Booth Ave. in Kansas City, Missouri.
The fixed-rate loan was negotiated with a repeat borrower/lender relationship, in which the borrower was comfortable with the life company’s closing process. Structuring for the transaction featured a 10-year term with two years of interest-only followed by a 30-year amortization schedule.
The property is connected by North Shoal Creek Valley Drive to the larger Shoppes at Shoal Creek, consisting of properties such as Target, Sam’s Club, Walmart Supercenter, The Home Depot and Lowe’s Home Improvement.
