Naldbandian of NorthMarq Capital completes $11.94 million refinance of RBS Citizens Bank portfolio

Greg Nalbandian, senior vice president and managing director of NorthMarq Capital's New Jersey Regional office, arranged a first mortgage refinance in the amount of $11.94 million for the RBS Citizens Bank portfolio. This portfolio consists of 16 RBS Citizens Bank branches located in New York, Connecticut, Pennsylvania and Delaware. Working exclusively on behalf of a major REIT client, financing was based on a five-year term with three years interest only and the following two years on a 40-year amortization schedule through NorthMarq's relationship with a regional bank. According to Nalbandian, this transaction is a 60% LTV, non-recourse, cross collateralized loan with a five-year loan term against an average lease term remaining of only seven years in secondary and tertiary markets. He said, "Given the shorter average lease term remaining coupled with the tertiary markets, there was not much fanfare for this financing on any level. However, we were able to identify a regional bank that liked the credit and the borrower and stepped up in a big way by offering 60% proceeds on a full non-recourse basis with a substantial interest only period, which was extremely important to the client." About NorthMarq NorthMarq, the largest privately held commercial real estate financial intermediary in the U.S, provides mortgage banking and commercial loan servicing in 33 offices across the U.S. With an average of $8 billion in annual production volume and servicing a loan portfolio of nearly $40 billion, the company offers expertise to borrowers of all size. The company has a long track record of multi-family financing as a Freddie Mac Program Plusâ„¢ 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. For more information, please visit www.northmarq.com.