Northmarq secures $1.4 million refinance of mixed-use property in Queens, NY

WHITE PLAINS, N.Y. (May 14, 2024) — Robert Ranieri, senior vice president/managing director of Northmarq’s Greater White Plains regional office arranged the $1.4 million refinance of a two-story, 3,420-sq.-ft. mixed-use building located in the Astoria neighborhood in Queens, New York. The ground floor is occupied by two borrower-related restaurants/bars (Mom's Kitchen & Bar/Halsey's Tavern), and the second floor contains two residential units.

The permanent financing was structured with a 10-year loan and a 30-year amortization schedule. The interest rate is fixed for the first five years and then adjusts for the second five-year period. Northmarq arranged the loan for the borrower through a commercial bank.

“The lender provided a low-cost debt option with a smooth closing process for this new Northmarq borrower,” Ranieri said.

The property was constructed in approximately 1900 and contains 3,420 sq. ft. situated on a 0.43-acre tax parcel. The building is located on the corner of 31st Avenue and 33rd Street in the Astoria neighborhood of Queens. The property is within walking distance from the following subway stations: Broadway (N & W trains) and 30th Ave (N & W trains) along the BMT Astoria Line. The property also has convenient access to Grand Central Parkway/Brooklyn Queens Expressway (I-278).