NorthMarq Capital’s New York metro office arranges three retail transactions in Connecticut and New York
NEW YORK CITY (February 13, 2017) – Ernest DesRochers, senior vice president/managing director of NorthMarq Capital’s New York-based metro office, arranged financing totaling $5.186 million for three retail properties located in Connecticut and New York.
Grovick Center: Located at 83-10 Astoria Boulevard in East Elmhurst, New York, this 8,906 sq. ft. retail property received refinancing if $2.5 million. The transaction was structured with a 10-year term on a 25-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with Symetra.
“The property is a fully-leased, well-located neighborhood retail center in Queens,” said DesRochers. “The site has on-site parking, a rarity in this part of Queens.”
Norwich Dollar General: Located at 646 Boswell Avenue in Norwich, Connecticut, this 9,002 sq. ft. retail property received construction financing of $1.268 million. The transaction was structured with a 2-year term on a 25-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with People’s United Bank. Dollar General represents the properties major tenant.
“This represents another in a series of construction and permanent loans that we place on behalf of our client, who is developing single tenant real estate for several investment grade tenants in the Northeast,” explained DesRochers.
Niantic Dollar General: Located at 166 West Main Street in Niantic, Connecticut, this 9,334 sq. ft. retail property received construction financing of $1.418 million. The transaction was structured with a 10-year term on a 25-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with the lender, Manufacturers and Traders Trust Company, a regional bank. Dollar General represents the properties major tenant.
“This represents another in a series of construction and permanent loans that we place on behalf of our client, who is developing single tenant real estate for several investment grade tenants in the Northeast,” explained DesRochers.
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.
