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.”