NorthMarq Capital arranges $50 million refinance in MA
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. in Franklin, Massachusetts. 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.