$21.45M Mortgage for 124K SF Retail Property in Patchogue, NY
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.