Joseph Hegenbart, managing director and Ryan Demadis, vice president of NorthMarq Capital's Boston based regional office arranged the $10.3 million refinance of Quarry Place II, a 55,000 s/f retail property located at 99-103 Cedar St.
The transaction was structured with a 10-year term and 25-year amortization schedule.
NorthMarq arranged financing for the borrower, Quarry Place II, LLC through its relationship with a regional bank. The Sports Authority is the property's largest tenant.
"We are pleased to have facilitated the financing for this transaction on behalf of our client," said Hegenbart. "The strength and experience of the borrower coupled with the quality and location of the real estate allowed us to get over a few hurdles and secure long term financing."
NorthMarq Capital, one of the largest privately held commercial real estate financial firms in the U.S., provides mortgage banking and commercial loan servicing in 35 offices coast to coast. With more than $12 billion in annual production volume and servicing a loan portfolio of more than $45 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 Plus Seller-Servicer, and through its affiliation with Fannie Mae DUS lender AmeriSphere Multifamily Finance. In addition, NorthMarq has long loan production and loan servicing relationships with more than 50 life companies, many CMBS platforms and hundreds of local, regional and national banks.