BOSTON (January 5, 2015) – James M. Murphy, managing director of NorthMarq Capital’s Boston regional office secured $1.35 million in financing for a 6,216 sq.ft. retail property located at 194 Haverhill Street in Methuen, Massachusetts. The long-term non-recourse commercial mortgage transaction was structured with a 10-year term and 25-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a regional bank. Major tenants on the property include Bank of American and a UPS store.
“The property is a two-tenant retail building located immediately off of I-95 as an out parcel of the Market Basket anchored Merrimac Plaza in Methuen,” said Murphy. “We were pleased to be able to continue a relationship with the borrower that has gone back more than 20-years. The lenders were quick to recognize the quality of the asset, location, tenancy and sponsorship. A regional bank stepped forward with a long-term non-recourse quote.”