Arranges $5 million refinance of Allied Shopping Center in Whitestone, New York
Allied Shopping Center
NEW YORK (October 29, 2014) – Charles Cotsalas, senior managing director of NorthMarq Capital’s Long Island based office arranged the $5 million refinance of Allied Shopping Center, a 42,458 sq.ft. retail property located at Francis Boulevard and Willis Point Boulevard in Whitestone, New York. The transaction was structured with a 10-year term and 25-year amortization. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company. CVS represents the property’s major tenant. “Our correspondent lender provided 100% cash-out finance dollars and attractive 10-year fixed-rate financing—even though the leases were all turning at least once during the term,” noted Cotsalas.
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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.
