NorthMarq Capital’s Westchester office finalizes $2.6 million construction loan for retail property in White Plains, New York
GREATER WESTCHESTER NY/CT (January 13, 2017) – Robert W. Ranieri, senior vice president/managing director of NorthMarq Capital’s Greater Westchester New York/Connecticut-based regional office, arranged a construction loan of $2.6 million for a 15,000 sq. ft. retail property located at 316-332 Tarrytown Road in White Plains, New York. The transaction was structured with a 1-year interest-only term. NorthMarq arranged financing for the borrowers through its relationship with a regional bank. Harbor Freight Tools is the property’s sole tenant and will occupy the space. This will be Harbor Freight Tools’ first store in Westchester. “The bank provided a construction loan that converts to a permanent loan once the tenant is open for business,” said Ranieri.
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
