Ernest DesRochers, senior vice president and managing director and Charles Cotsalas, senior director of NorthMarq’s New York City office arranged permanent mortgage financing of $25 million for Sunrise Promenade Associates.
The loan was placed though Lincoln National Life, one of its exclusive correspondent life company relationships.
The loan is secured by Sunrise Promenade Shopping Center, a 165,939 s/f community retail center located at 5924 Sunrise Highway, Massapequa, New York.
The immediate area around the property is a major retail hub that features national tenants.
According to DesRochers, the consistent success of the property since its construction in the early 1990’s is indicative of this location and its strong sponsorship.
Sunrise Promenade is anchored by the Sports Authority, Babies R Us, Barnes & Noble Superstore and Pier 1 imports. 89% of the tenants at the center are nationally recognized retailers.
Financing for the transaction was structured with a 10-year term and 25-year amortization at a very competitive interest rate.