NorthMarq Capital announced a $15.4 million refinance package on three stores leased to Walgreens, the pharmacy giant branded under the phrase “on the corner of happy and healthy.ˮ
Robert W. Ranieri, senior vice president/managing director of NorthMarq Capital’s Greater Westchester New York/Connecticut regional office, arranged the $15.4 million refinance of the upstate New York stores.
The stores, totaling 43,860 s/f of retail space, are located in Brighton, Camillus and Cortland, New York.
The transaction was structured with a 10-year term with two-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.”