NEW YORK—NorthMarq Capital’s Zachary Rechler, vice president, and Ernest DesRochers, senior vice president and managing director, both of the company’s New York City metrooffice, have arranged first mortgage refinancing of $21.45 million for a 124,000-sq.-ft. retail property located at 95 Sunrise Highway in Patchogue, N.Y.
The loan was a take-out of the existingloan for the renovated property, which was formerly a Home Depot location. The borrower has converted the property to its current two-tenant fully-occupied state, which includes Raymour Flanigan and Shop Rite.
“Both tenants are well-run private regional corporations with a large market presence in the northeast,” said Rechler. “The lender recognized that they are leaders within their respective industries.”