NEW YORK CITY (July 18, 2016) – Ernest DesRochers, senior vice president/managing director and Charles Cotsalas, senior vice president/senior director of NorthMarq Capital’s Long Island-based regional office, arranged acquisition financing of $2 million for 20 Commerce Drive, a 94,757 sq. ft. industrial property located in 20 Commerce Drive in Hauppauge, New York. The transaction was structured with a 10-year term and 25-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company.
“Our correspondent lender was happy to provide a $2,000,000 financing recognizing the opportunity for quality, larger repeat financings in the immediate future. The balance sheet lender not only finances the $20 – $100 million dollar assets but also the $2 – $5 million assets,” said DesRochers. “The non-recourse, 10-year fixed-rate refinancing with a 25-year amortization schedule was locked at 3.90 percent. The property was constructed in 1980 and the loan was constructed to account for two leases that were maturing on or about closing date.”