NorthMarq Capital’s New York City office completes $47.5 million refinance of Macy’s location in Flushing, New York
Macy's
NEW YORK CITY (December 7, 2016) – Ernest DesRochers, senior vice president and Matthew Buttram, investment analyst of NorthMarq Capital’s New York City office, negotiated the $47.5 million refinance of a 250,000 sq. ft. Macy’s located at 136-32 Roosevelt Avenue and 131-51 41st Avenue in Flushing, New York. The transaction was structured with a 25-year term. NorthMarq arranged financing for the borrower through its relationship with a life insurance company. “The loan is secured by a 99-year ground lease to a very well capitalized tenant,” noted DesRochers. “The loan features both interest-only and amortization periods, allowing the borrower to maximize cash-flow.”
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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 $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
