NorthMarq Capital's New York City office $5.6 million mortgage for Walgreens in Unionville, Connecticut
Walgreens
NEW YORK (July 15, 2013) – Ernest DesRochers, senior vice president and managing director of NorthMarq’s New York City Metro office, arranged a construction and permanent loan of $5.6 million for the construction of a 13,000 sq. ft. free-standing retail property located in Unionville, Connecticut. The property is fully leased to Walgreens. Financing was based on up to a two year construction period and permanent loan of up to 10 years. Amortization is based on a 30-year schedule after conversion to a permanent loan. The loan was arranged by NorthMarq through its relationship with a regional bank. “This construction loan is for a long-time client of NorthMarq’s,” DesRochers said. “The property is located in an established in-fill commercial area with excellent surrounding demographics. The site represents a new store for the tenant and one of several that has been developed for the tenant by the Borrower.”
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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.
