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Renovated Bellair Plaza Gets $22M Mortgage

DAYTONA BEACH, FL-Only 70% leased at funding, Minneapolis-based NorthMarq Capital arranged the 10-year, first mortgage on the 346,000-sf shopping center for Bellair Plaza Ltd. with Citigroup's Global Markets division.

By Alex Finkelstein | Updated on November 14, 2003

DAYTONA BEACH, FL-Although only 70% leased at funding, Minneapolis-based NorthMarq Capital Inc. arranged a 10-year, $21.9-million first mortgage with Citigroup’s Global Markets division for Bellair Plaza Ltd., owner of the newly renovated, 346,000-sf shopping center here.

The loan is being amortized on a 30-year schedule. Among the center’s tenants are Walgreen’s, Publix Supermarkets Inc. and Beall’s Department Stores Inc. David Schofield, senior vice president and managing director in the Orlando regional office of NorthMarq, brokered the transaction.

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