Charles Cotsalas arranged $4.5 million permanent loan for Montefiore Medical Center in Bronx, New York
LONG ISLAND, NEW YORK (March 1, 2019) – Charles Cotsalas, senior vice president/senior director of NorthMarq’s Long Island-based regional office, secured the $4.5 million refinance for Montefiore Medical Center, a 20,000 sq. ft. Class A- medical office property located at 3316 Rochambeau Avenue in Bronx, New York. The transaction was structured with 10-year term. NorthMarq arranged the permanent-fixed loan for the borrower through its correspondent relationship with 40/86 Capital.
“The subject is a 20,000 sq. ft. medical office building leased to Montefiore Medical Center under a long-term, 15-year lease with annual rent step ups. The "BBB" rated tenant has occupied the site for over 25-years,” said Cotsalas. “40/86 Capital provided the most competitive pricing.”
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