Deanna Polizzo, vice president and Ernest DesRochers, senior vice president and managing director of NorthMarq Capital's New York City office, arranged a $6.15 million construction/permanent for a 30-unit student housing property located at 190 Pine Rock Ave.
According to Polizzo, the subject property is located adjacent to the campus of Southern Connecticut State University making it an ideal candidate for a student housing development. She said, "Southern Connecticut State University, like many other universities in the country, has a growing demand for additional housing. The property's location adjacent to the North Campus of SCSU makes it virtually on-campus housing for students. The borrower is an experienced student-housing developer, and the lender is very familiar with the school and market. NorthMarq, with its experience in the market and with the property type, was able to assemble all the necessary ingredients for a successful transaction."
Financing for this transaction was based on a term of up to 2 years for the construction loan converting to a 10-year permanent and a 30-year amortization schedule and was arranged for the borrower, 4857 Main Street, L.L.C, by NorthMarq through its relationship with a regional bank.
In addition Polizzo and DesRochers arranged a first mortgage refinance in the amount of $12.2 million for Summerhill Marketplace, an 88,700 s/f grocery-anchored retail property located at 657 Rte. 18 South in East Brunswick, New Jersey. Stop and Shop is the major tenant at the center.
Financing was based on a 10-year term and a 30-year amortization schedule and was arranged for the borrower, CV Summerhill, LLC, by NorthMarq through its relationship with Royal Bank of Scotland. Polizzo said, "The subject property is located in a strong retail market, provides excellent visibility and has been well maintained making it one of the leading shopping centers in the area."
About NorthMarq
NorthMarq, the largest privately held commercial real estate financial intermediary in the U.S, provides mortgage banking and commercial loan servicing in 33 offices across the U.S. With an average of $8 billion in annual production volume and servicing a loan portfolio of nearly $40 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 Plusâ„¢ Seller-Servicer, and through its affiliation with Fannie Mae DUS lender AmeriSphere Multifamily Finance. In addition, NorthMarq has long relationships with over 50 life companies, many CMBS platforms and hundreds of local, regional and national banks.