Arranges $3 Million Mortgage for 802 Manhattan Avenue in Greenpoint, Brooklyn, NY

JERICHO (September 30, 2013) – Charles Cotsalas, senior vice president and senior director of NorthMarq’s Long Island regional office, arranged refinancing of $3 million for 802 Manhattan Avenue in Greenpoint, Brooklyn, New York. This asset is a 10,000 sq. ft. single-tenant retail property fully leased to Associated Foods. Financing was based on a 5-year term with one subsequent 7-year renewal option and a 12-year amortization schedule. NorthMarq arranged this financing for the borrower through its relationship with a correspondent life insurance company lender. “The borrower realized nearly $3 million cash out refinance proceeds while locking up a 12-year term,” Cotsalas said. “The rate is fixed at 3.5% initially and then adjusts.”