Ed Riekstins, senior vice president of NorthMarq Capital's Boston based regional office secured the $3.125 million refinance of the Gateway Center Office Building, a 29,684 s/f property located at 10 George St. The transaction was structured with a 7-year fixed term and 25-year amortization schedule and was arranged for the borrower by NorthMarq through its relationship with a local bank. People's United Bank is the major tenant of the building.
"The class-A asset was 100% leased, well maintained and in a great location that provides easy access to all points of interest within the Boston MSA, as well as Maine and New Hampshire," said Riekstins. "The quality commercial asset was essential to the success of the deal with a local bank."
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 $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 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.