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