Industrial - Debt

NorthMarq’s New York and Long Island office secures $17 million in financing for an industrial/warehouse property in Little Neck, Queens, New York

LITTLE NECK, NEW YORK (December 2, 2019) – Charles Cotsalas, senior vice president/senior director of NorthMarq’s Long Island office and Robert Delitsky, senior vice president/managing director of NorthMarq’s New York City office collaborated to arrange a $17 million permanent-fixed financing for the 233,220 sq. ft. industrial/warehouse building located at 60-15 Little Neck Parkway in the neighborhood of Little Neck, Queens, New York. 

The single-tenanted, non-credit tenant transaction was financed by one of NorthMarq’s correspondent life insurance companies. The loan was structured as a 15-year self-liquidating, 3.08 percent fixed-rate loan with stepdown prepayment flexibility.

“This is the second transaction that we closed with the same correspondent life company on behalf of the borrower who was extremely pleased with the cash-out recapitalization and non-recourse, entity-only, borrower provision. NorthMarq arranged financing for the adjacent building occupied by Northwell,” said Cotsalas.

As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of more than $16 billion, loan servicing portfolio of more than $65 billion and the multi-year tenure of our nearly 600 people.