NEW YORK CITY (November 4, 2015) – Charles Cotsalas, senior vice president/senior director of NorthMarq Capital’s Long Island based office and Ernest DesRochers, senior vice president/managing director of NorthMarq Capital’s New York metro office secured a $4.2 million construction loan for a 17,340 sq.ft. retail and apartment property located at 425 New York Avenue in Huntington, New York. The transaction was structured as a 2.5-year term with an interest only period during construction with an option to convert to a permanent loan. NorthMarq arranged financing for the borrower through its relationship with a regional bank.
“This was a full leveraged loan aggressively priced over 30-day Libor for a spec, retail and apartment property on New York Avenue,” explained Cotsalas. “The lender, an out-of-state bank, was comfortable with the real estate and borrower’s construction expertise. The borrower has a great deal of prepayment flexibility as well as removal from the recourse requirement.”