Retail - Debt

NorthMarq Capital

NorthMarq Capital arranges refinancing of $700,000 for Lincolndale Plaza in Somers, New York

WESTCHESTER (August 2, 2018) – Robert Ranieri, senior vice president of NorthMarq Capital’s Westchester regional office, arranged refinancing of $700,000 for Lincolndale Plaza, a 5,377 sq. ft. retail property located in Somers, New York. The transaction was structured with a 10-year term with (5-year rate resets) on a 25-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a local bank. 

“The borrower purchased the property in 2016 and was looking to take some money out for additional improvements. Flushing Bank provided a cash-out at an attractive rate,” said Ranieri. 

 

NorthMarq Capital, the largest privately held commercial real estate financial intermediary in the U.S., provides debt, equity and commercial loan servicing through over 300 mortgage banking professionals in regional offices coast-to-coast and services a loan portfolio of more than $52 billion. In select markets, the company offers multifamily and manufactured housing investment sales through NorthMarq Multifamily. As a leader in capital solutions through long-term relationships with life companies, CMBS platforms and local, regional and national banks, the company also has a long track record of multifamily loan origination through Freddie Mac, Fannie Mae and FHA/HUD. For more information please visit www.northmarq.com.