LONG ISLAND (September 27, 2016) – Charles Cotsalas, senior vice president of NorthMarq Capital’s Long Island-based regional office, and Robert Delitsky, senior vice president/managing director of NorthMarq Capital’s New York City office, collaborated to arrange the $3 million refinance of a 28,000 sq. ft. office property located at 1139 Hylan Boulevard in Staten Island, New York. The transaction was structured with a 10-year term and 25-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a community bank.
“We secured long-term fixed-rate financing for an asset that the borrower has owned for several decades,” said Cotsalas. “The borrower was extremely pleased given the loan flexibility, and open prepayment throughout the term. This loan was placed with a community bank.”