NorthMarq’s Long Island office closes $3.75 million refinance of an industrial property located in Melville, New York
LONG ISLAND, NEW YORK (January 30, 2019) – Charles Cotsalas, senior vice president of NorthMarq’s Long Island regional office, arranged a cash-out refinance of $3,750,000 for a ± 71,000 sq. ft. industrial building in Melville, New York. The non-recourse, entity only transaction, locked at 4.33 percent, was structured with a 10-year fixed-rate loan on a 25-year amortization schedule. NorthMarq arranged financing for the borrower, 100 Marcus Drive Associates through its correspondent relationship with 40 | 86 Mortgage Capital, Inc., a life insurance company.
“The lender provided stepdown prepayment flexibility and granted borrower the ability to transfer the loan multiple times in the event of sale,” said Cotsalas. “NorthMarq arranged this financing for the borrower through its relationship with one of its correspondent life company lenders.
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