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.”
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