BOSTON (May 16, 2016) – Greg Nalbandian, managing director of NorthMarq Capital’s New Jersey-based regional office, and Doug Nickerson, vice president of NorthMarq Capital’s Boston-based regional office, collaborated to arrange the $50 million refinance of Franklin Village, a 303,096 sq. ft., grocery anchored, mixed-use property located at 250 Franklin Village Drive in Franklin, Massachusetts. The transaction was structured with a 10-year term and 30-year amortization schedule. NorthMarq arranged the financing for their REIT client through its correspondent relationship with Sun Life of Canada. Stop & Shop, Dress Barn and Marshalls represent the property’s major tenants. “Our client took advantage of a very favorable interest rate environment and rate locked this ten-year refinancing six months prior to maturity with no spread premium. Our existing lender, Sun Life of Canada, aggressively pursued this early refinance in order to keep this well performing loan on their books,” said Nickerson. “Sun Life provided a very favorable interest rate well below four percent and upsized the loan significantly meeting all the objectives for the borrower,” added Nalbandian.
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 a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. Through the 2022 acquisition of Stan Johnson Company, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit www.northmarq.com.
