NorthMarq Capital completes $10.8 million refinance of 111,700 sq.ft. office property in Melville, New York
425 Broad Hollow Road
NEW YORK CITY (October 12, 2015) – Ernest DesRochers, senior vice president/managing director and Charles Cotsalas, senior vice president/senior director of NorthMarq Capital’s New York metro office arranged the $10.8 million refinance of 425 Broad Hollow Road, a 111,700 sq.ft. office property located in Melville, New York. The transaction was structured with a 5-year term and 30-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a national bank. The loan included both a permanent piece and interest only facility for future improvements. ”The credit facility that was arranged by NorthMarq on behalf of the borrower will be used to reposition the asset,” said DesRochers. “Planned work includes extensive common area and tenant improvements.”
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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 a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. For more information, visit www.northmarq.com.
