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NorthMarq Capital Arranges $10M Refinance For Needham Retail Building

Mar 20, 2014 | Reprints | Unlock Link | Print

163 Highland Avenue NorthMarq Capital’s Boston regional office arranged $10 million in refinancing for a Staples/Petco building in Needham.

The property is 40,500 square feet and is located at 163 Highland Ave. The transaction was structured with a 10-year term and 25-year amortization schedule and was arranged for the borrower, 163 Highland LLC, through NorthMarq’s relationship with a correspondent life company.

"We were able to take out the existing mortgage on the property with a long term low interest loan," Joseph Hegenbart, senior vice president and managing director at NorthMarq Capital’s Boston regional office, said in a statement. "The excess proceeds from the new loan will allow our client to participate in other real estate investments.

Commercial