NEW YORK, NEW YORK (April 1, 2019) – Robert Delitsky, senior vice president/managing director of NorthMarq’s New York City office and Gary Cohen, senior vice president/managing director of NorthMarq’s New Jersey office collaborated to arrange acquisition financing of $25.5 million for King Farm Village Center, a 118,326 sq. ft. retail property located in Rockville, Maryland. The permanent loan was structured with a 10-year fixed rate term. NorthMarq arranged financing for the sponsor, Sterling Organization, through its relationship with Securian Asset Management, a correspondent life insurance company. The property is anchored by Safeway Supermarkets.
“The Sterling Organization has acquired a great asset in a terrific market and Securian Asset Management provided outstanding financing for this acquisition, with great execution. We were thrilled to be involved in this transaction,” said Delitsky.
Sterling Organization is a vertically integrated private equity real estate firm that has an established track record of providing risk-adjusted returns to its partners, in both relative and absolute terms. The company’s national platform is focused on investing in retail real estate assets across the risk spectrum in major markets within the United States on behalf of Sterling’s principals in partnership with the highest quality institutional investors. Sterling Organization is headquartered in Palm Beach, Forida.