NorthMarq Capital finalizes $15.4 million refinance of Walgreens Upstate New York Portfolio
Walgreens
WESTCHESTER (June 9, 2016) – Robert W. Ranieri, senior vice president/managing director of NorthMarq Capital’s Greater Westchester New York/Connecticut based regional office, arranged the $15.4 million refinance of three Walgreens stores in upstate New York. The stores, totaling 43,860 sq. ft. of retail space, are located in Brighton, Camillus and Cortland, New York. The transaction was structured with a 10-year term with 2-years interest only followed by a 25-year amortization schedule. NorthMarq arranged financing for the borrowers through its correspondent relationship with a life insurance company. “This was a refinancing of a maturing CMBS portfolio of three Walgreens stores in upstate New York,” said Ranieri. “NorthMarq was able to find a life insurance company who not only offered a 25-year amortization but also offered 2-years of interest only.”
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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.
