Peabody, MA Michael Chase, senior vice president of NorthMarq Capital’s Boston-based regional office, arranged the $24.6 million refinance of the Peabody & Danvers industrial portfolio. The two buildings located in Peabody and Danvers, total 320,000 s/f. NorthMarq arranged financing for the borrower through its relationship with a regional bank.
“The prior loans were CMBS deals with high prepayment penalties which ran up until just before their scheduled maturities,” said Chase. “We were able to help the borrower lock in a rate over six months in advance to target the window when the loans would be open for prepayment. We were pleased to be able to provide the borrower with long-term, fixed rate, non-recourse financing with a flexible prepayment structure.”
NorthMarq Capital provides debt, equity and commercial loan servicing through its 36 offices across the U.S. They have built 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.