NorthMarq Capital’s New York City office arranges $11 million refinance of Turnpike Shopping Center in Fairfield, Connecticut
Turnpike Shopping Center
NEW YORK CITY (May 25, 2016) – Ernest DesRochers, senior vice president/managing director of NorthMarq Capital’s New York metro- based regional office secured the $11 million refinance of Turnpike Shopping Center, a 110,000 sq. ft. retail property located in the heart of Fairfield on Black Rock Turnpike at 1955-2009 Black Rock Turnpike in Fairfield, Connecticut. The transaction was structured with a 10-year term with 5-years interest only followed by a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company. Shop Rite Supermarket, Eastern Mountain Sports and Party City represent the property’s major tenants. “This was as highly sought after loan by the life company industry because of its strong sponsorship and underlying underwriting metrics. We were pleased to place this loan for the borrower,” said DesRochers. “Its in-fill location will assure its continued success.”
Meet our team
About Northmarq
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.
