Arranged $1.35 Million Mortgage for Day Care Center in Brooklyn, NY
2813 Farragut Road Day Care
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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Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
