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.”
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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.
