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.