Arranges $24 million refinance of Newington Commons Shopping Center in Newington, Connecticut
Newington Commons Shopping Center
NEW YORK METRO (October 7, 2014) – Keith Braddish, managing director of NorthMarq Capital’s New York metro based office arranged the $24 million refinance of Newington Commons Shopping Center, a 189,864 sq.ft. grocery anchored shopping center located at 196 Kitts Lane in Newington, Connecticut. The transaction was structured with a 10-year term along with 2-years of interest only followed by a 30-year amortization schedule. NorthMarq arranged the financing for the borrower through a relationship with a CMBS lender. Stop N’ Shop is the anchor tenant, other tenants include: Bob’s Stores, Party City, Petco, Planet Fitness and Michaels. “This was a full circle CMBS transaction which was originally placed for the same borrower 10-years ago with a CMBS lender and subsequently refinanced with a 10-year, 75% CMBS loan once again,” said Braddish.
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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.
