NorthMarq Capital arranges $1.8 million refinance for retail strip mall in Methuen, Massachusetts
Mid-Town Mall
BOSTON (May 28, 2014) – Ed Riekstins, senior vice president and Matt Marshall, vice president of NorthMarq Capital’s Boston based regional office secured a $1.8 million refinance for Mid-Town Mall, a 14,632 sq.ft. retail property located at 246 Broadway, Methuen, Massachusetts. The transaction was structured with a 20-year term and 20-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a local bank. The multi-tenant retail strip mall was 100% leased at the time of the transaction and is strategically located a mile from I-93, giving access to Boston and three miles from I-495, giving access to the outermost boundary of the Greater Boston Area. “The strip mall has been managed by the borrower since 1975 and was rebuilt by the borrower in 1983,” said Riekstins. “The success of the family owned and managed strip mall as well as the continued business with a local bank was critical to the success of the deal.”
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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.
