Arranged $1.2 Million Mortgage for Small Industrial Building in Brooklyn, NY

P. J. Bimi
JERICHO (February 25, 2013) – Charles Cotsalas, senior vice president and senior director of NorthMarq’s Long Island regional office, arranged first mortgage refinancing of $1.2 million for an 18,000 sq. ft. industrial building in Brooklyn, New York . The property is leased to three tenants, two of which are on month-to-month leases. Financing was based on a 10-year term and a 25-year amortization schedule. NorthMarq arranged this financing for the borrower through its relationship with a correspondent life company lender. “The lender provided 100% cash out refinance for 10 years at less than 5% for non-credit rated tenants primarily on month-to-month leases,” said Cotsalas. “The borrower was able to recapture the majority of its equity created over the last 5 years.”

Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit

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