DELRAY BEACH, FL-The new owner of the 102,660-sf Delray Town Center has received first mortgage acquisition financing of $10.94 million.
The financing was arranged by Minneapolis-based NorthMarq Capital Inc. senior vice president and managing director Ernest DesRochers, in the company's Greater Westchester New York/Connecticut office, and vice president Charles Cotsalas, in the company's Long Island regional office. DesRochers tells GlobeSt.com that the financing was for a portion of the acquisition price of the property, which was purchased by a New York-based investor. "The buyer was interested in acquiring the property because of the strong demographics in the area and the strength of the retail market," DesRochers says.
Blockbuster is the major tenant in the shopping center, which is anchored by an Albertsons supermarket. The shopping center, which is fully occupied, was acquired by another investor 10 years ago. The seller decided it was a good time to sell due to the strength of the market, DesRochers says.
The financing was based on a 10-year term with a 30-year amortization schedule and was arranged for the borrower by NorthMarq through its corresponding relationship with Citigroup. "NorthMarq has long-standing relationships with both lender and borrower, but it was our national footprint that enabled us to complete this transaction quickly and easily," Cotsalas says in a released statement.
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