Northmarq’s Debt + Equity team arranges $16.2M refinance of North Street Shopping Center in Danbury, CT

DANBURY, Conn. — Northmarq’s White Plains Debt + Equity team led by Robert Ranieri successfully arranged the $16.2 million refinance of North Street Shopping Center, a 213,991-sq.-ft. grocery-anchored shopping center located at 1 Padanaram Rd. in Danbury, Connecticut.

Northmarq arranged permanent-fixed financing on behalf of the borrower, through its relationship with Securian Asset Management Inc. The transaction was structured on a 10-year term.

"This is the third time we have refinanced this well-located supermarket anchored shopping center,” Ranieri said. “The location is excellent and, given the long-term ownership, the interest we received from lenders was strong including interest only and an attractive spread."

Built in 1960, North Street Shopping Center sits on 19.79 acres. It features three buildings, including a pad site that is occupied by a Wells Fargo branch. The shopping center is anchored by ShopRite and also features regional and national brands in clothing, auto parts, variety and more.

The shopping community is conveniently located with nearby access to Interstate 84 and in close proximity to additional shopping, restaurants, coffee shops and pharmacies.