News: Financial Digest
Posted: September 16, 2022
Northmarq closes $15.2 million refinance for Maine retail and industrial portfolio
Bangor, ME Ed Riekstins, managing director, and Daniel Karp, vice president of Northmarq’s Boston debt/equity team, finalized the $15.2 million permanent-fixed loan for a Maine retail and industrial portfolio. The portfolio totals five retail properties and one industrial property which are located in Bangor, Scarborough and South Portland, Maine.
The transaction was structured with a 10-year term on a 25-year amortization schedule with a fixed-rate in the low-3’s. Northmarq arranged the permanent-fixed loan for the borrower through its relationship with a local bank.
“This was a very strong loan based on the diversification of collateral. The bank lender was terrific to work with, holding the application rate in a rising rate environment,” said Riekstins.
Tags:
Financial Digest
MORE FROM Financial Digest
Preservation of Affordable Housing secures $23.5 million in financing from Rockland Trust and Citizens Bank
Cambridge, MA The nonprofit Preservation of Affordable Housing (POAH) has secured $23.5 million in financing from Rockland Trust and Citizens Bank to transform a 150-year-old, underutilized church complex into housing. The project will ultimately create 46 affordable family-sized apartments.
Columns and Thought Leadership
Conn. hospitality market: A technical appraisal perspective on market dynamics and valuation challenges (2019-2025)
The Connecticut hospitality market has demonstrated uneven recovery patterns between 2019 and 2025, with boutique and historic properties achieving $125 RevPAR in 2025, up 8.7% from the 2019 level. Coastal resort properties achieved a $105 RevPAR in 2025, representing 10.5% growth since 2019. Casino corridor properties maintained modest growth with RevPAR improving 4.5% to $92 in 2025.
Examples of investors who used Kay Properties for legacy and estate planning purposes for rental property/portfolios - by Dwight Kay
Preserving wealth across multiple generations requires strategic planning, foresight, and the right investment vehicles. Delaware Statutory Trusts (DSTs) offer a powerful solution for families looking to build and protect their financial legacy and to efficiently plan for their estate.
