NorthMarq Capital's Long Island office arranges acquisition financing of $7.45 million for Cascade Village in Bend, Oregon
LONG ISLAND (August 15, 2016) – Charles Cotsalas, senior vice president of NorthMarq Capital’s Long Island-based regional office, arranged acquisition financing of $7.45 million for Cascade Village, a mobile home park containing 89 pad sites with expansion for another 104 pad sites located in Bend, Oregon. The transaction was structured with a 10-year term with a 25-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a regional bank. “This acquisition financing provided the borrower the necessary funds to acquire the property as well as provide the construction funds for the 104 lot expansion,” said Cotsalas. “The borrower was given the flexibility over an extended period of time to get final building plan approval, construct and lease the pad sites. The loan was bifurcated into a fixed rate component and a floating rate component which also can be fixed in the future. The aggressively priced loan components were also interest only. In addition, as pad sites are leased the borrower can draw down additional loan proceeds.”
Meet our team
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. Through the 2022 acquisition of Stan Johnson Company, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit www.northmarq.com.
