DesRochers and Cotsalas of NorthMarq arrange $25 million loan; Placed for Sunrise Promenade Associates

Ernest DesRochers, senior vice president and managing director and Charles Cotsalas, senior director of NorthMarq's New York City office arranged permanent mortgage financing of $25 million for Sunrise Promenade Associates. The loan was placed though Lincoln National Life, one of its exclusive correspondent life company relationships. The loan is secured by Sunrise Promenade Shopping Center, a 165,939 s/f community retail center located at 5924 Sunrise Hwy. The area around the property is a major retail hub that features numerous national retail tenants. According to DesRochers, the consistent success of the property since its construction in the early 1990's is indicative of this location and its strong sponsorship. Sunrise Promenade is anchored by the Sports Authority, Babies R Us, Barnes & Noble Superstore and Pier 1 imports, to name a few. 89% of the tenants at the center are nationally recognized retailers. Financing for the transaction was structured with a 10-year term and 25-year amortization at a very competitive interest rate. 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 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 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.