PHOENIX—James DuMars, senior vice president and managing director of NorthMarq Capital's Phoenix-based office and Michael Elmore, executive vice president and managing director of NorthMarq Capital's Los Angeles-based office arranged refinancing of $13 million for 19^th & Pinnacle Peak Commerceplex – Phase II, a 186,286-square-foot warehouse/distribution center located at 23610 and 23620 North 20^th Dr. in Phoenix. The transaction was structured with a 10-year term and 30-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with Thrivent Financial.

DuMars tells GlobeSt.com, “This asset is institutional grade, of modern vintage and exceptional quality—an outperformer in terms of occupancy and rents. It was built by a class A developer and this is a great location with historically strong occupancy. Thrivent has financed close to two million square feet for this client over the years. All these characteristics motivated Thrivent to be the successful bidder on this loan.

“This is a 20 year relationship,” adds DuMars. “The lender was flexible in providing the repeat borrower with a competitive long term fixed interest rate and substantial cash flow for reinvestment from loan proceeds. After a record 2014, Thrivent is actively seeking additional lending opportunities on industrial and office properties.”