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Posted: May 9, 2011
DeVinney of Northmarq arranges $13.3 million for 200,000 s/f shopping center
Scott DeVinney, VP of NorthMarq Capital's Upstate New York Regional office arranged first mortgage financing in the amount of $13.3 million for The Crossings Shopping Center, a 200,000 s/f retail center. Major tenants at the center include Kmart and Kroger. Financing was based on a 10-year term and a 25-year amortization schedule and was arranged for the borrower by NorthMarq through its correspondent relationship with American National. DeVinney said, "The lender was able to structure around an expansion that was under construction at the time of closing."
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