NorthMarq Capital’s New York City office arranges acquisition financing of $8.5 million for Marine Park Retail in Brooklyn
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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