Northmarq secures $15.25M refinance of an 888-space covered parking garage in Brooklyn, NY

BROOKLYN, N.Y. (Sept. 16, 2024) — Northmarq’s New York Metro Debt + Equity team of Charles Cotsalas and Robert Delitsky arranged the refinance of Brooklyn Renaissance Garage, an 888-space public parking garage condominium located at 333-335 Adams Street that services the Brooklyn Marriott hotel and more than 1 million square feet of retail and office space.

Northmarq arranged the $15.25 million permanent fixed rate loan on behalf of the borrower through one of its CMBS servicing relationships. This loan was also financed 10-years ago by Cotsalas with one of its insurance company correspondent relationships.

“This transaction came down to the borrower’s comfort knowing that Northmarq serviced the loan and had previously closed with this same CMBS lender,” said Cotsalas.

The 888-space garage is ideally situated at the corner of Adams and Willoughby Streets, just minutes from major transportation hubs. The four-story covered garage is part of the Brooklyn Marriott hotel and a Class A office building.