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 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.
