Arranges $20 million refinance of Brooklyn Renaissance Garage
Brooklyn Renaissance Garage
NEW YORK (August 26, 2014) – Charles Cotsalas, senior director of NorthMarq Capital’s New York metro based office secured the $20 million refinance of the Brooklyn Renaissance Garage, a 888-space parking garage condominium located at 335 Adams Street in Brooklyn, New York. The transaction was structured with a 10-year term and 30-year amortization schedule. Financing for the borrower, Brooklyn Renaissance Group, LLC was arranged by NorthMarq through its correspondent relationship with a life insurance company. “The first leasehold mortgage, leased from the City of New York, was for a term of ten years at an attractive interest rate given the complexity of the entity, security, ground lease, expiring tax abatement and to-be-determined future ground rent,” explained Cotsalas. “The garage is part of a 1.2 million square foot development between a public company and the borrower, a private Queens based developer.”
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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.
