MASSAPEQUA, NY-A NorthMarq team has arranged permanent mortgage financing forSunrise Promenade Shopping Center, a 165,939 square foot community retail center here. NorthMarq SVP and managing director Ernest DesRochers and Charles Cotsalas, senior director of the company’s New York City office, arranged financing of $25 million for Sunrise Promenade Associates, the center’s ownership.
The stretch of Sunrise Highway, a major corridor in Nassau County, on which Sunrise Promenade is located is considered a retail hub. “The consistent success of the property since its construction in the early 1990s is indicative of this location and its strong sponsorship,” says DesRochers.
He notes that Sunrise Promenade is anchored by the Sports Authority, Babies R Us, Barnes & Noble Superstore and Pier 1 imports, among others. “89% of the tenants at the center are nationally recognized retailers.”
Financing for the transaction was structured with a 10-year term and 25-year amortization at a competitive interest rate. The financing was done through Lincoln National Life, one of NorthMarq’s exclusive correspondent life company relationships.