NorthMarq Capital arranges $4.15 million mortgage for Cayuga Professional Building in Ithaca, New York
Cayuga Professional Building
ROCHESTER (September 30, 2013) – Michael James, vice president of NorthMarq‘s Rochester regional office, arranged refinancing of $4.15 million for Cayuga Professional Building, a 36,336 sq. ft. professional office building located at 1301 Trumansburg Road in Ithaca, New York. The property is occupied by various professional and health care related companies. Financing was based on a 10-year term and a 30-year amortization schedule and was arranged for the borrower by NorthMarq through its relationship with a CMBS lender. “NorthMarq’s Defeasance Group helped the borrower defease his existing loan at the same time the new loan was being closed,” said James. “The borrower was able to lock in favorable non-recourse financing.”
About Northmarq
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.