Arranges $3.315 million refinance of retail property in Corona, New York

Retail Property
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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.”

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 and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.

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