Danbury, CT Robert Ranieri, senior vice president/managing director of NorthMarq Capital’s Greater Westchester New York/Connecticut-based regional office, arranged a $20 million refinance for North Street Shopping Center, a 212,406 s/f retail property located at 1 Padanaram Rd. The transaction was structured with a 10-year term and 25-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company. ShopRite and Burlington Coat Factory are the property’s major tenants.
“This was a refinance of a maturing CMBS loan,” said Ranieri. “The borrower was able to lower the interest rate and eliminate all escrows except taxes by refinancing with a portfolio lender.”
NorthMarq Capital, the largest privately held commercial real estate financial intermediary in the U.S., provides debt, equity and commercial loan servicing through its 36 offices across the U.S. The company has built long-term relationships with life companies, CMBS platforms and local, regional and national banks and has a long track record of multi-family loan origination through Freddie Mac Program Plus™, the Fannie Mae DUS program and through FHA, resulting in more than $12 billion in annual production volume and a loan portfolio of more than $47 billion.