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

Industrial Properties
70c5a033-3483-4b6f-8573-543c452d9219.jpg

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 a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit www.Northmarq.com.

Image
NM Web Icon News Black

Stay on top of industry research