NorthMarq Capital's Long Island office arranges acquisition financing of $7.45 million for Cascade Village in Bend, Oregon

LONG ISLAND (August 15, 2016) – Charles Cotsalas, senior vice president of NorthMarq Capital’s Long Island-based regional office, arranged acquisition financing of $7.45 million for Cascade Village, a mobile home park containing 89 pad sites with expansion for another 104 pad sites located in Bend, Oregon. The transaction was structured with a 10-year term with a 25-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a regional bank. “This acquisition financing provided the borrower the necessary funds to acquire the property as well as provide the construction funds for the 104 lot expansion,” said Cotsalas. “The borrower was given the flexibility over an extended period of time to get final building plan approval, construct and lease the pad sites. The loan was bifurcated into a fixed rate component and a floating rate component which also can be fixed in the future. The aggressively priced loan components were also interest only. In addition, as pad sites are leased the borrower can draw down additional loan proceeds.”