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Debt & Equity

Suburban financing tops $43M

NorthMarq Capital has arranged nearly $43 million financing for two separate suburban deals.

KEITH BRADDISH
KEITH BRADDISH

Keith Braddish, managing director of NorthMarq’s New York metro office, arranged a $24 million refinance of Newington Commons Shopping Center, a 189,864 s/f grocery-anchored shopping center at 196 Kitts Lane in Newington.

The transaction was structured with a 10-year term along with two years of interest only followed by a 30-year amortization schedule.
NorthMarq arranged the financing for the borrower through a relationship with a CMBS lender.

Stop N’ Shop is the anchor tenant, other tenants include: Bob’s Stores, Party City, Petco, Planet Fitness and Michaels.

“This was a full circle CMBS transaction which was originally placed for the same borrower 10-years ago with a CMBS lender and subsequently refinanced with a 10-year, 75 percent CMBS loan once again,” said Braddish.

Braddish also secured $18.8 million in acquisition financing for Colonial Plaza, a 202,810 s/f class A office building in Charlotte, North Carolina.
The transaction was a joint venture between Highbrook Investment Management LLC and LRC Properties, LLC.

The acquisition marks LRC Properties’ fourth purchase in just over nine months in the state.

“This acquisition financing repatriated equity to the partnerships soon after an all-cash closing,” said Braddish. “The investment allows LRC Properties, LLC to strategically continue their buying spree in the State of North Carolina.

“The loan was a balance sheet financing for GE that facilitates a repositioning of the asset, while also recognizing additional development rights associated with the site.”

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