Office - Debt

Arranges $9 million refinance of 1122 Franklin Avenue Office Building in Garden City, New York

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.”

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.