Retail

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 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.