Ed Riekstins, senior vice president of NorthMarq Capital's Boston based regional office secured acquisition financing of $2,537,500 of a 42,000 s/f office building located at 26 Parkridge Rd.
The transaction was structured with a 20-year term and 25-year amortization.
NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company.
"The strong location of the property as well as the lender's assistance to complete a quick closing made this a successful transaction," commented Riekstins. "We look forward to doing more business with both the borrower and the lender."
NorthMarq Capital, the largest privately held commercial real estate financial intermediary in the U.S., provides mortgage banking and commercial loan servicing in 34 offices coast to coast. With more than $10 billion in annual production volume and servicing a loan portfolio of more than $42 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 loan production and loan servicing relationships with more than 50 life companies, many CMBS platforms and hundreds of local, regional and national banks.