Other - Debt

Arranged $1.35 Million Mortgage for Day Care Center in Brooklyn, NY

JERICHO (February 25, 2013) – Charles Cotsalas, senior vice president and senior director of NorthMarq’s Long Island regional office, arranged first mortgage refinancing of $1.35 million for a 6,000 sq. ft. Day Care Center located at 2813 Farragut Road in Brooklyn, New York . Financing was based on a 10-year term and a 25-year amortization schedule. NorthMarq arranged this financing for the borrower through its relationship with a correspondent life company lender. “The long-term 10-year fixed-rate financing represented nearly 100% of the capital invested into an atypical property type,” said Cotsalas. “The sub 5% rate had a 25-year amortization schedule for a small operator of a day care facility.”

Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales and loan servicing. We combine industry-leading capabilities with a flexible structure, enabling our national team of experienced professionals to create innovative solutions for clients. Our solid foundation and entrepreneurial approach have built an annual transaction volume of more than $37 billion and a loan servicing portfolio of nearly $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq introduces clients to expanded opportunities across all major asset classes.