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 metro regional office, 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 existing construction loan 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.”