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

Industrial/Warehouse Property
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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.

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 a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. For more information, visit www.northmarq.com.