Jeff Chaney, senior vice president and managing director of NorthMarq’s St. Louis Regional office, recently arranged first mortgage refinancing of $9.5 million for Park 370 Center I, a 344,765-square-foot industrial building located in Hazelwood, Mo.
Potter Electric Signal Company, LLC and EFPP, LLV are major tenants at the site. Financing was based on an 11-year term and an 11-year amortization schedule was arranged for the borrower, Cohen Asset Management, by NorthMarq through its correspondent relationship with a life insurance company lender.
“The borrower is a national owner of commercial properties with a focus on the industrial sector,” said Chaney. “The borrower took advantage of the interest rate environment and refinanced a self-liquidating loan on a fully amortized basis with one of our correspondent life insurance companies.”
