Arranges $3.315 million refinance of retail property in Corona, New York
Retail Property
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.”
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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.
