Franklin, MA Greg Nalbandian, managing director of NorthMarq Capital’s New Jersey-based regional office, and Doug Nickerson, vice president of NorthMarq Capital’s Boston-based regional office, collaborated to arrange the $50 million refinance of Franklin Village, a 303,096 s/f, grocery anchored, mixed-use property located at 250 Franklin Village Dr. The transaction was structured with a 10-year term and 30-year amortization schedule. NorthMarq arranged the financing for their REIT client through its correspondent relationship with Sun Life of Canada. Stop & Shop, Dress Barn and Marshalls represent the property’s major tenants.
“Our client took advantage of a very favorable interest rate environment and rate locked this ten-year refinancing six months prior to maturity with no spread premium. Our existing lender, Sun Life of Canada, aggressively pursued this early refinance in order to keep this well performing loan on their books,” said Nickerson.
“Sun Life provided a very favorable interest rate well below four percent and upsized the loan significantly meeting all the objectives for the borrower,” said Nalbandian.
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.