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.”