Other - Debt

Arranges $20 million refinance of 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.”

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.