Arranges $2.85 million refinance of 41st Street Apartments in Astoria, New York
41st Street Apartments
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.”
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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.
