Austin of NorthMarq arranges $32 million mortgage for 246,981 s/f Midway Shopping Ctr.

Doug Austin, vice president of NorthMarq's San Diego regional office, arranged first mortgage refinancing of $32 million for Midway Shopping Center, a 246,981 s/f grocery-anchored retail property located at 1001 Central Park Ave. Major tenants at the site include a 69,592 s/f Shop Rite, CVS, Jo-Ann Fabrics, The Dress Barn, Planet Fitness, Red Lobster, Capital One Bank and Starbucks. Financing was based on a 15-year term with two five-year options to extend and a 25-year amortization schedule and was arranged for the borrower by NorthMarq through its relationship with a correspondent life company lender. "The interest rate was locked nine months before funding," said Austin.