NorthMarq Capital arranged $32 million mortgage for Midway Shopping Center in Scarsdale, New York
Midway Shopping Center
SAN DIEGO (January 21, 2013) – Doug Austin, vice president of NorthMarq‘s San Diego Regional office, arranged first mortgage refinancing of $32 million for Midway Shopping Center, a 246,981 sq. ft. grocery-anchored retail property located at 1001 Central Park Avenue in Scarsdale, New York. Major tenants at the site include a 69,592 sq. ft. Shop Rite, CVS, Jo-Ann Fabrics, The Dress Barn, Planet Fitness, Red Lobster, Capital One Bank and Starbucks. Financing was based on a 15-year term with two 5-year options to extend and a 25-year amortization schedule and was arranged for the borrower by NorthMarq through its relationship with a correspondent life company lender. “The interest rate was locked nine months before funding,” said Austin.
About Northmarq
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.
