JERICHO (August 28, 2013) – Charles Cotsalas, senior vice president and senior director of NorthMarq’s Long Island regional office, and Ernest DesRochers, senior vice president and managing director of NorthMarq’s New York Metro regional office, cooperated to arrange first mortgage refinancing of $9 million for 1055 Franklin Avenue, a 46,366 sq. ft. office building located in Garden City, New York. Financing was based on a 12-year term and a 30-year amortization schedule. NorthMarq arranged this financing for the borrower, 1055 Franklin LLC, through its relationship with a correspondent life company lender. “Our correspondent lender provided full leverage at the time when occupancy was sub 90% for a suburban office building. The 12-year loan had a coupon of 3.85% over 30-year amortization schedule. The lender honored and extended its rate lock despite the steep movement upwards in the yield curve,” Cotsalas said.
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