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.
Meet our team
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
