NorthMarq Capital retail owners shopping for cash to the tune of nearly $42 million this week.
Ernest DesRochers, senior vice president/managing director of NorthMarq Capital’s New York office finalized the $20.771 million refinance of a 50,000 s/f Whole Foods at 150-152 Ledge Road in Darien, Connecticut.
The transaction was structured as a 24-year term fully amortizing loan with a low debt service coverage ratio requirement.
NorthMarq arranged financing for the borrower through its correspondent relationship with a CTL lender.
“The property is located in one of the strongest demographic areas in the United States and exhibits strong property economics; however, it is encumbered with a long-term ground lease,” said DesRochers.
“The lender maximized loan proceeds using a unique structure to protect against a default of the underlying ground lease.”
Meanwhile, Charles Cotsalas, senior managing director in Long Island, along with DesRochers, secured the $21.5 million refinancing of Southgate Shopping Center.
That 117,960 s/f retail property is located at 4900-4914 Merrick Road in Massapequa.
The transaction was structured with a 15-year term with 10-years interest only and 30-year amortization schedule.
NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company. King Kullen Supermarket and U.S. Post Office represent the major tenants on the property.
“Despite a limited amount of leas term remaining on the grocery anchor, our correspondent lender understood the location to provide 10-years interest only of a 15-year mortgage term,” said Cotsalas.
“The rate was quite aggressive, winning this highly sought after financing. This was the second loan for our client within the last six months seeking life company, portfolio-based execution.”