Northmarq’s Westchester office arranges $12,845,000 refinance for four-property retail portfolio in White Plains, New York
WESTCHESTER, NEW YORK (June 13, 2022) – Robert Ranieri, senior vice president/managing director of Northmarq’s Westchester, New York debt/equity team, finalized the refinance of four retail properties for a combined $12,845,000. Each transaction was structured with a 7-year term on a 30-year amortization schedule. Northmarq secured the permanent-fixed rate loans for the borrower through PCSB bank. Totaling 66,691 sq. ft., the retail properties are located at 316-330, 350-360, 388 and 410-420 Tarrytown Road (Route 119), White Plains, New York.
Northmarq provided the original construction financing for the 316-330 Tarrytown Road property, which became home to Harbor Freight Tools’ first store in Westchester County. Harbor Freight is the sole tenant in the 15,000 sq. ft. space.
Major tenants at the other properties include The Men’s Warehouse, New Balance, Sherwin Williams, Cycle Gear, Mattress Firm, AutoZone, and Gothic Cabinet Craft.
“This long-term client was interested in refinancing his fully occupied retail portfolio in an excellent location in White Plains. During a very volatile period, the lender, PCSB Bank, offered a rate lock option that allowed the loans to close once the existing loan prepayment penalty decreased” said Ranieri.
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