NorthMarq Capital arranges $9.9 million refinance of class "A" industrial warehouse in Peabody, Massachusetts

BOSTON (September 29, 2014) – Michael Chase, assistant vice president of NorthMarq Capital’s Boston based office has secured $9.9 million in refinancing for, a 160,000 sq.ft. class “A” industrial property located at 3 Technology Way in Peabody, Massachusetts. The commercial mortgage transaction was structured with a 10-year term and 30-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a Guardian Life Insurance Company. “We were pleased to be able to assist our client with the refinance of their class “A” bulk warehouse property,” said Chase. “While the current loan had a few years remaining, the client saw the value of locking in long term during the current low rate environment. While several of our capital sources recognized the quality of the transaction, Guardian Life was able to meet the client’s needs for a long-term, fixed rate, non-recourse loan with a flexibility prepayment structure and we were able to lock rate and forward commit the deal to help manage the payoff the old loan and reduce prepayment penalties.”