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.