NorthMarq Capital's New York ofice arranged $25 million first mortgage financing for Sunrise Promenade Shopping Center in Massapequa
Sunrise Promenade Shopping Center
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.
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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.
