Chase of NorthMarq Capital arranges financing for three properties totaling $31.425 million

July 28, 2017 - Shopping Centers
37,692 s/f Retail Center - Peabody, MA

 

Michael Chase, 
NorthMarq Capital

Methuen, MA Michael Chase, senior vice president of NorthMarq Capital’s Boston office arranged financing totaling $31.425 million for three separate retail properties located throughout Mass.  

Located in Methuen, a 170,000 s/f retail property received refinancing of $12.5 million. The transaction was structured with a long-term fixed rate, non-recourse financing and a flexible prepayment structure. Coming off a maturing CMBS loan, NorthMarq arranged financing for the borrower through its relationship with a correspondent life company and was able to provide a nine-month forward rate lock.

“Utilizing the forward rate locking ability of one of our correspondent life companies, we were able to allow the borrower to take advantage of the attractive pre-election rates in early November of 2016,” said Chase. “This provided the borrower rate certainty while also helping to save over $1 million in prepayment defeasance charges had the loan been refinanced in 2016.”

Located in Peabody, a 37,692 s/f mixed-use property received refinancing of $5.2 million. The transaction was structured with a long-term fixed  rate and a flexible prepayment structure. NorthMarq arranged financing for the borrower through its relationship with a local bank.

“We were pleased to once again meet the needs of a long-time client,” said Chase. “This newly developed mix-used center will surely be a long-term investment. We were able to provide a financing structure to fit the sponsor’s needs while also providing flexibility in case of the unexpected.”

Located in Tyngsboro, a neighborhood retail center received acquisition financing of $13.725 million. The transaction was structured with long-term financing which included two years of interest-only and a flexible prepayment structure. NorthMarq arranged financing for the borrower through its relationship with a regional bank.

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