Arranges $9 million refinance of 1122 Franklin Avenue Office Building in Garden City, New York
Franklin Avenue Office Building
NEW YORK (August 28, 2014) – Charles Cotsalas and Ernie DesRochers, senior vice presidents of NorthMarq Capital’s New York metro based regional office secured the $9 million refinance of 1122 Franklin Avenue, a 48,383 square foot office building located at 1122 Franklin Avenue in Garden City, New York. The transaction was structured with a 12-year term with 5-years interest only and 30-year amortization. NorthMarq arranged financing for the borrower, 1122 Franklin LLC, through its correspondent relationship with a life insurance company. “Through our correspondent life company relationship we placed attractive long-term financing at 4 percent with 5-years interest only, taking out a CMBS loan,” noted Cotsalas. “The borrower realized a significant cash out with little, if any, capital remaining. This was a high leveraged loan on a suburban office building.”
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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.
