DALLAS— Dallas-based NorthMarq Capital arranged financing totaling $3.4 million to refinance Collins Commerce Center in Richardson, Texas.

The 75,000-square-foot office building is located at 1601 North Collins in the Richardson/Plano submarket. NorthMarq arranged financing for the borrower through a relationship with a correspondent life company, says NorthMarq.

"The life company lender funded a loan to enable the borrower to recapture some of the initial equity used to purchase the property and lock in a sub 5% rate for 15 years," said Bart Dickinson vice president of NorthMarq.

The Richardson/Plano submarket is located northeast of Dallas and in 2013 saw healthy transaction activity with 1.3 million square feet absorbed, according to a report from CBRE. The area closed the year 84.7% occupied.

NorthMarq Capital  provides mortgage banking and commercial loan servicing across the nation and service a loan portfolio of more than $42 billion.