NEW YORK (July 3, 2014) – Charles Cotsalas, senior director of NorthMarq Capital’s New York metro based office arranged the $3.315 million refinance for 14,644 sq.ft. worth of retail property located at 39-24 104th Street and 103-19 Roosevelt Avenue in Corona, New York. The transaction was structured with a 10-year term and 30-year amortization schedule. NorthMarq arranged financing for the borrower, Permessa Holding Co through its relationship with a credit union.
“The lender funded despite there being no TCO for a significant portion of the building after NorthMarq created a loan structure the lender could live with,” said Cotsalas. “The loan is a 10-year fixed rate financing in the mid 4’s ad open to prepayment. There was significant cash-out for these two tenant retail properties.”