Northmarq arranges $35M acquisition financing for 5-property Long Island industrial portfolio
NEW YORK — Northmarq’s New York Metro team led by Ernest DesRochers and Charles Cotsalas successfully arranged $35 million in acquisition financing for a five-property small bay industrial portfolio located across Long Island.
The industrial properties include:
• 10-22 Dubon Court, Farmingdale, NY | 77,980 square feet.
• 855 Conklin St, Farmingdale, NY | 98,989 square feet.
• 44-56 Central Dr, Farmingdale, NY | 29,200 square feet.
• 58-64 Bethpage Road, Hicksville, NY | 28, square feet.
• 3508 Hargale Rd, Oceanside, NY | 40,921 square feet.
Northmarq arranged permanent fixed rate financing on behalf of the borrowers, through its correspondent relationship with a life insurance company. The transaction was structured for a seven-year term with full-term interest only payments at a competitive market rate.
“The lender was able to structure a transaction that accommodated the acquisition of the properties by the borrower that included certain tax aspects and an extended closing window,” said DesRochers. “We were pleased that we could provide an execution that benefited by the lender and the borrower.”
The five properties total 275,891 square feet and sit on roughly 13.9 acres. Collectively, the portfolio has maintained an average occupancy level of 95% over the past five years. The properties include a total of 40 suites, 21 drive-ins and 15 loading docks. Warehouse uses for these properties include goods, logistics, and small components of office. All five properties are within 30 miles of Manhattan.
Meet our team
Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $80 billion and has completed $91.3 billion in transactions over the past fours years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide.
