Industrial - Debt

Northmarq completes $2,000,000 debt deal refinancing for two owner-occupied industrial properties in Long Island City, New York

WESTCHESTER, NEW YORK (June 15, 2022) Robert Ranieri, senior vice president/managing director at Northmarq’s Westchester office, arranged for a $2 million debt deal in order to refinance the client’s two owner-occupied properties. The two industrial properties are located at 11-03/07 43rd Road and 43-22 12th Street in Long Island City, NY with a combined 12,050 sq. ft. of rentable space. 

Northmarq secured the permanent-fixed rate loans for the client through a local lender. “Many lenders had interest in financing the deals due to the low LTV and product type, and the client chose a very competitive deal that offered a fixed interest rate, no prepayment penalty and no bank fees,” said Ranieri. 

The 11-03/07 43rd Road property was constructed circa 1930 and features 4,900 sq. ft. of rentable space with 300 sq. ft. of office space. The 43-22 12th Street property, also constructed circa 1930, features a total of 7,150 sq. ft. of rentable space for single tenant use including 1,350 sq. ft. of office space. Both properties feature 12-ft tall ceiling heights along with drive-in loading doors.

Northmarq is an industry-leading 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 an open, flexible structure, enabling our team of seasoned professionals to create innovative solutions for clients. Our solid foundation and entrepreneurial approach have built an annual transaction volume of over $30 billion, and loan servicing of nearly $70 billion.