NEW YORK (December 3, 2013) – Ernest DesRochers, Senior Vice President and Managing Director and Charles Cotsalas, Senior Director of NorthMarq’s New York City office arranged permanent mortgage financing of $25 million for Sunrise Promenade Associates. The loan was placed though Lincoln National Life, one of its exclusive correspondent life company relationships. The loan is secured by Sunrise Promenade Shopping Center, a 165,939 square foot community retail center located at 5924 Sunrise Highway, Massapequa, New York. The immediate area around the property is a major retail hub that features numerous national retail tenants. According to Mr. DesRochers, “the consistent success of the property since its construction in the early 1990’s is indicative of this location and its strong sponsorship. Sunrise Promenade is anchored by the Sports Authority, Babies R Us, Barnes & Noble Superstore and Pier 1 imports, to name a few. 89% of the tenants at the center are nationally recognized retailers.” Financing for the transaction was structured with a 10-year term and 25-year amortization at a very competitive interest rate.
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
