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