James Murphy, managing director of NorthMarq Capital's Boston regional office, secured $1.35 million in financing for a 6,216 s/f retail property located at 194 Haverhill St. The long-term non-recourse commercial mortgage transaction was structured with a 10-year term and 25-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a regional bank. Major tenants on the property include Bank of American and a UPS store.
"The property is a two-tenant retail building located immediately off of I-95 as an out parcel of the Market Basket anchored Merrimac Plaza in Methuen," said Murphy. "We were pleased to be able to continue a relationship with the borrower that has gone back more than 20-years. The lenders were quick to recognize the quality of the asset, location, tenancy and sponsorship. A regional bank stepped forward with a long-term non-recourse quote."
NorthMarq Capital, one of the largest privately held commercial real estate financial intermediaries in the U.S., provides mortgage banking and commercial loan servicing in 34 offices coast to coast. With more than $12 billion in annual production volume and servicing a loan portfolio of more than $44 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.