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.