NorthMarq Capital arranges $50 million refinance of Franklin Village in Franklin, Massachusetts
Franklin Village
NEW JERSEY (May 23, 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.
About Northmarq
Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.