NorthMarq Capital arranges $4.2 million construction loan for retail and apartment property on Huntington, New York
425 New York Avenue
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.”
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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.
