NorthMarq Capital’s New York City office arranges acquisition financing of $8.5 million for Marine Park Retail in Brooklyn
Marine Park Retail
NEW YORK CITY (December 12, 2016) – Ernest DesRochers, senior vice president and managing director of NorthMarq’s New York City office, arranged acquisition financing of $8.5 million for Marine Park Retail, a 11,764 sq. ft. net-leased retail property located at 2343 Utica Avenue in Brooklyn, New York. The transaction was structured with a 10-year term on a 25-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with Symetra. “The loan is secured by a fully-occupied three-tenant retail building in the Marine Park neighborhood of Brooklyn, New York,” said DesRochers. “The loan metrics were conservative, exceeding institutional standards for similar properties.”
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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.
