NorthMarq Capital’s Boston Office Arranges $24.6 Million Refinance of Peabody & Danvers Industrial Portfolio

BOSTON (August 2, 2016) – Michael Chase, senior vice president of NorthMarq Capital’s Boston-based regional office, arranged the $24.6 million refinance of the Peabody & Danvers Industrial Portfolio, the two buildings located in Peabody and Danvers, Massachusetts, total 320,000 sq. ft.. NorthMarq arranged financing for the borrower through its relationship with a regional bank. “The prior loans were CMBS deals with high prepayment penalties which ran up until just before their scheduled maturities,” said Chase. “We were able to help the borrower lock in a rate over six months in advance to target the window when the loans would be open for prepayment. We were pleased to be able to be able to provide the borrower with long-term, fixed rate, non-recourse financing with a flexible prepayment structure.”