Zachary Rechler, vice president, and Ernest DesRochers, senior vice president and managing director, of NorthMarq’s New York City Metro Regional office have arranged first mortgage refinancing of $21.45 million for the 124,000 square foot retail property at 95 Sunrise Highway in Patchogue, NY.

Tenants at the site are Raymour Flanigan and Shop Rite.  

The loan was a take-out of the existing construction loan for the completely renovated property.  The site was formerly a Home Depot and the borrower has converted the property to its current two-tenant fully-occupied use.

Financing was based on a 10-year term and a 20-year amortization schedule and was arranged for the borrower by NorthMarq through its relationship with correspondent life insurance company.