Retail

NorthMarq Capital’s Boston office arranges $12.5 million refinance of retail plaza in Methuen, Massachusetts

BOSTON (July 11, 2017) Michael Chase, senior vice president of NorthMarq Capital’s Boston regional office, arranged refinancing of $12,500,000 for a 170,000 sq. ft. retail property located in Methuen, Massachusetts. The transaction was structured with a long-term fixed rate, non-recourse financing and a flexible prepayment structure. Coming off a maturing CMBS loan, NorthMarq arranged financing for the borrower through its relationship with a correspondent life company and was able to provide a nine-month forward rate lock.

“Utilizing the forward rate locking ability of one of our correspondent life companies, we were able to allow the borrower to take advantage of the attractive pre-election rates in early November of 2016,” said Chase. “This provided the borrower rate certainty while also helping to save over $1 million in prepayment defeasance charges had the loan been refinanced in 2016.”

NorthMarq Capital, the largest privately held commercial real estate financial intermediary in the U.S., provides debt, equity and commercial loan servicing through its 36 offices across the U.S. The company has built long-term relationships with life companies, CMBS platforms and local, regional and national banks, with a long track record of multifamily loan origination through Freddie Mac, Fannie Mae and FHA/HUD. The company closes approximately $13 billion in commercial real estate loans annually and services a loan portfolio of more than $50 billion. For more information please visit www.northmarq.com.