Northmarq Debt + Equity team arranges $46M refinance of Mt. Sinai Meadows apartment community

MOUNT SINAI, N.Y. — Northmarq’s New York Metro Debt + Equity team led by Charles Cotsalas and Ernest DesRochers successfully arranged the $46 million refinance of Mt. Sinai Meadows, an under-development,  140-unit garden apartment community located at 12-15 Myrtle St. in Mount Sinai, New York.

Northmarq arranged financing on behalf of the sponsor, The Northwind Group, through its relationship with one of Northmarq’s life insurance correspondent relationships. The transaction was structured on a seven-year term, the first two years being interest-only, followed by a 30-year amortization schedule.

This is the second pre-stabilized property that Northmarq has arranged financing for on behalf The Northwind Group. This loan was used to take out the construction mortgage held with Dime Community Bank.

“Multifamily financing remains robust, especially here on Long Island, with its lack of housing supply and persistent demand in the backdrop,” said Cotsalas.

Once completed, the community will span 14 garden style buildings spread across 20-acres of meticulously landscaped grounds.  The units are being built with luxury in mind, improved with spacious living areas, kitchens equipped with granite countertops and stainless-steel appliances, stackable washer/dryer units, patio or balconies, state-of-the-art walk-in closets and smart locks for added convenience. Site amenities compliment an active lifestyle, providing its residents access to a clubhouse, fitness center, outdoor pool, community garden and dog park.

Mt. Sinai Meadows is located immediately off Nesconset Highway (Rte 347) with close proximity to beaches, Stony Brook University, three major hospitals, and the highly-desired Mount Sinai School District.