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.”