Deanna Polizzo, vice president, and Ernest DesRochers, senior vice president and managing director of NorthMarq Capital, Inc.'s New York City metro office, arranged $4.5 million in first mortgage financing. Brookmeade Plaza, a 35,858 s/f retail center, and Hark Plaza 2 & 3, a 41,655 s/f retail and office building.
Both properties represent well maintained assets in established neighborhood business locations with long-term tenancy. Major tenants include McDonald's and Liberty Mutual.
Financing was based on a 10-year term with a 25-year amortization schedule and was arranged for the borrower, Frostberg LLC and Hark/Kandr LLC, by NorthMarq through its relationship with People's United Bank.
Polizzo said, "The lender recognized the integral role these properties play in the local business community. The bank provided a quality loan and worked quickly to meet the refinance deadline imposed by the former lender. No small feat in this difficult market."
NorthMarq offers commercial real estate investment banking, investment sales, real estate debt and equity financing, and commercial loan serving. Tags: