NorthMarq Capital arranges two office transactions in New York totaling a combined $6.875 million

WESTCHESTER (July 23, 2014) – Robert W. Ranieri, senior vice president/managing director of NorthMarq Capital’s Greater Westchester NY/CT regional office secured financing for two transactions in New York, totaling a combined $6.875 million . Cedar Plaza: This 63,591 sq. ft. office property, located at 20 Cedar Street, New Rochelle, New York was refinanced at $6,000,000. The transaction was structured with a 10-year term and 25-year amortization schedule. NorthMarq Capital arranged financing for the borrower, Cedar Plaza Associates LLC through its relationship with a regional bank. Sidney Frank Importing Company is the major tenant of the property. North Salem Center: This 23,300 sq. ft. mixed-use property, located at 56-62 June Road, North Salem, New York was refinanced at $875,000. The transaction was structured with a 7-year term and 30-year amortization schedule and was arranged for the borrower, North Salem Brothers Realty, LLC through NorthMarq’s relationship with a regional bank. Major tenants of the property include the US Postal Service and M&T Bank. “This was a low leverage loan that the borrower requested no escrows and prepayment flexibility,” said Ranieri. “The regional bank was able to offer a fixed rate 10-year deal with one year interest only in order to attract this quality business.”