Ranieri of NorthMarq Capital arranges $15.4 million Walgreens refinance

Robert Ranieri, NorthMarq Capital

Brighton, NY Robert Ranieri, senior vice president/managing director of NorthMarq Capital’s Greater Westchester New York/Connecticut based regional office, arranged the $15.4 million refinance of three Walgreens stores in upstate. The stores, totaling 43,860 s/f of retail space, are located in Brighton, Camillus and Cortland. The transaction was structured with a 10-year term with 2-years interest only followed by a 25-year amortization schedule. NorthMarq arranged financing for the borrowers through its correspondent relationship with a life insurance company.

“This was a refinancing of a maturing CMBS portfolio of three Walgreens stores in upstate New York,” said Ranieri. “NorthMarq was able to find a life insurance company who not only offered a 25-year amortization but also offered two-years of interest only.”