Charles Cotsalas arranges $8 million financing of 31 Clinton Street in Newark, New Jersey

LONG ISLAND, NEW YORK (August 7, 2019) – Charles Cotsalas, senior vice president of NorthMarq’s Long Island office arranged the $8 million financing of an office property located at 31 Clinton Street in Newark, New Jersey. 

Financing Details:
- 15-year, self-liquidating fixed rate loan at 3.72%
- Non-recourse (entity only)
- NorthMarq arranged the financing for the borrower through its relationship with one its Correspondent Life Insurance Companies 
- John McDonagh, principal at Clatter Realty, acted as the mortgage broker

Producer Quote:
“This aggressively priced long term fixed rate financing provided the working capital to make the necessary capital improvements without the borrower coming out of pocket. This was the third time the borrower refinanced with NorthMarq’s exclusive relationship with Lincoln Financial.” 

- Chuck Cotsalas

Property Details:
The subject property is a 12-story office building occupied by the State of New Jersey, Office of the Public Defender. The Tenant has occupied the site since 1991 and has recently extended their lease for another 15 years. The proceeds will be used for improvements such as (but not limited to) new elevator, new roof, new HVAC control system, and facade repairs. The correspondent life company has maintained the collateral on their books for more than 20 years.

The transaction was featured in NJBIZ.com.