According to NorthMarq Capital, Inc., Sam Berns, senior vice president and managing director, has recently arranged first mortgage financing of $2.15 million for four Dollar General Stores located in Upstate N.Y.
The four properties contained a combined total of 37,113 s/f of retail space. Financing was based on a 10-year term with an 18-year amortization schedule and was arranged for the borrower by NorthMarq through its correspondent relationship with Security Mutual Life.
According to Berns, the borrower needed the four properties funded and cross-collateralized on a forward commitment basis. "Security Mutual was very flexible when faced with several unique closing issues," he said. Tags: