Northmarq’s Debt + Equity team arranges $7M refinance of a 286,000-sq.-ft. industrial/warehouse building in the Bronx, NY

680-780 132nd Street
286,000-sq.-ft. warehouse

NEW YORK — Northmarq’s New York Metro Debt + Equity team led by Charles Cotsalas successfully arranged the $7 million refinance of 680-780 132nd Street, an approximately 286,000-sq.-ft. industrial/warehouse building in The Bronx.

Northmarq arranged permanent fixed-rate financing on behalf of the borrower, Benenson Capital Partners LLC through a correspondent relationship with Woodmen Life. The transaction was structured on a five-year term, payable interest-only.

“This was an extremely conservative loan which provided very strong underwriting metrics, and supported by the appraisal, which far exceeded expectation,” said Cotsalas.

NYC’s Department of Sanitation occupies approximately half the building for storage, maintenance and fueling of their sanitation vehicles.  The tenant has occupied the site since 1996. 
 

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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.
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