NEW YORK (June 23, 2014) – Charles Cotsalas, senior director of NorthMarq Capital’s New York metro based office secured the $2.85 million refinance of the 41st Street Apartments, a 17-unit set of property located at 34-38 41st Street in Astoria, New York. The transaction was s structured with a 10-year term and 25-year amortization schedule. NorthMarq arranged financing for the borrower, StanCorp Mortgage Investors, LLC through its correspondent relationship with a life company.
“StanCorp was able to get their hands around a few mishaps during the Great Recession unlike many other lenders,” noted Cotsalas. “This is an extremely well located property, borrower constructed in the heat of Astoria, Queens.”