NorthMarq arranged acquisition financing of $25.5 million for King Farm Village Center in Rockville, Maryland.
Robert Delitsky, senior vice president/managing director of NorthMarq’s New York City office and Gary Cohen, senior vice president/managing director of NorthMarq’s New Jersey office collaborated to arrange the loan for the 118,326 s/f retail property.
The permanent loan was structured with a 10-year fixed rate term. NorthMarq arranged financing for the sponsor, Sterling Organization, through its relationship with Securian Asset Management, a correspondent life insurance company.
“The Sterling Organization has acquired a great asset in a terrific market and Securian Asset Management provided outstanding financing for this acquisition, with great execution. We were thrilled to be involved in this transaction,” said Delitsky.