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Posted: August 11, 2014
DeVinney of NorthMarq Capital arranges $1 million in financing; Two Dollar General locations in Tully and Lockport
Scott DeVinney, vice president of NorthMarq Capital's Rochester-based regional office negotiated financing for two nonrecourse loans with short term leases worth $1 million for two Dollar General stores. The stores contain a combined 16,250 s/f of retail space and are located in Lockport and Tully. The transaction was structured with a 10-year term and 25-year amortization schedule and was arranged for the borrower through NorthMarq's relationship with a regional bank.
"The properties were built in 2004 for Dollar General," said DeVinney. "NorthMarq was able to provide a long-term fixed-rate loan with relatively short lease terms remaining."
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