Retail - Debt

Arranges $5 million refinance of Allied Shopping Center in Whitestone, New York

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.

Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales and loan servicing. We combine industry-leading capabilities with a flexible structure, enabling our national team of experienced professionals to create innovative solutions for clients. Our solid foundation and entrepreneurial approach have built an annual transaction volume of more than $37 billion and a loan servicing portfolio of nearly $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq introduces clients to expanded opportunities across all major asset classes.