NorthMarq Capital finalizes $15.4 million refinance of Walgreens Upstate New York Portfolio

WESTCHESTER (June 9, 2016) – Robert W. Ranieri, senior vice president/managing director of NorthMarq Capital’s Greater Westchester New York/Connecticut based regional office, arranged the $15.4 million refinance of three Walgreens stores in upstate New York. The stores, totaling 43,860 sq. ft. of retail space, are located in Brighton, Camillus and Cortland, New York. The transaction was structured with a 10-year term with 2-years interest only followed by a 25-year amortization schedule. NorthMarq arranged financing for the borrowers through its correspondent relationship with a life insurance company. “This was a refinancing of a maturing CMBS portfolio of three Walgreens stores in upstate New York,” said Ranieri. “NorthMarq was able to find a life insurance company who not only offered a 25-year amortization but also offered 2-years of interest only.”