Berns of NorthMarq arranges $2.8 million for Penn Valley Plaza

Sam Berns, managing director of NorthMarq's Rochester regional office, arranged refinancing of $2.8 million for Penn Valley Plaza. The retail plaza, consisting of the address of 1614, 1616, 1618, 1620 and 1626 Penfield Rd. contains 34,000 s/f. Financing was based on a 10-year term and a 20-year amortization schedule with a 7-year fixed rate. NorthMarq arranged the financing for the borrower through its relationship with a regional bank. "The regional bank was flexible and accommodative for the special needs our client required," said Berns. NorthMarq, the largest privately held commercial real estate financial intermediary in the U.S., provides mortgage banking and commercial loan servicing in 33 offices coast to coast. With an average of $9.5 billion in annual production volume and servicing a loan portfolio of over $41 billion, the company offers expertise to borrowers of all size. The company has a long track record of multifamily financing as a Freddie Mac Program Plus Seller-Servicer, and through its affiliation with Fannie Mae DUS lender AmeriSphere Multifamily Finance. In addition, NorthMarq has long relationships with over 50 life companies, many CMBS platforms and hundreds of local, regional and national banks.