September 30, 2013

Arranges $3 Million Mortgage for 802 Manhattan Avenue in Greenpoint, Brooklyn, NY

802 Manhattan Avenue

Debt & Equity

Multi-Tenant

JERICHO (September 30, 2013) – Charles Cotsalas, senior vice president and senior director of NorthMarq’s Long Island regional office, arranged refinancing of $3 million for 802 Manhattan Avenue in Greenpoint, Brooklyn, New York. This asset is a 10,000 sq. ft. single-tenant retail property fully leased to Associated Foods. Financing was based on a 5-year term with one subsequent 7-year renewal option and a 12-year amortization schedule. NorthMarq arranged this financing for the borrower through its relationship with a correspondent life insurance company lender. “The borrower realized nearly $3 million cash out refinance proceeds while locking up a 12-year term,” Cotsalas said. “The rate is fixed at 3.5% initially and then adjusts.”

Available Retail (MT) properties

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 an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.