Northmarq’s Debt + Equity team arranges $10.5M refinance for grocery-anchored retail center in Fairfield, CT
FAIRFIELD, Conn. — Northmarq’s New York Debt + Equity team, led by Ernest DesRochers and Kevin Toland, arranged the $10.5 million refinancing for Turnpike Shopping Center, a 106,099-square-foot grocery-anchored retail center located at 1901-2009 Black Rock Turnpike in Fairfield, Connecticut.
Northmarq arranged the permanent-fixed financing on behalf of Turnpike Shopping Center LLC through its relationship with a Georgia-based credit union. The transaction was structured as a permanent fixed-rate loan with a 10-year term.
“The lender provided very competitive pricing to compete with the best life company quotes on this deal,” DesRochers said.
Built in 1970, Turnpike Shopping Center is situated near the high-traffic intersection of Stillson Road and Black Rock Turnpike. The center is currently fully leased and features a stable tenant mix with various national and local retailers, such as Shop-Rite, J Crew and more. Several retailers have occupied the space for over 50 years, highlighting the property’s long-term performance.
Meet our team
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 $80 billion and has completed $91.3 billion in transactions over the past fours years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide.
