NorthMarq’s Long Island office completes $4 million refinance of retail/residential property in Brooklyn, New York

LONG ISLAND, NEW YORK (July 26, 2019) – Charles Cotsalas, senior vice president/senior director of NorthMarq’s Long Island office arranged the $4 million cash-out refinance through a local bank of 66 Nassau Avenue, a 8,799 sq. ft. retail/residential property located at 66 Nassau Avenue in Brooklyn, New York. The transaction was structured as a 10-year fixed rate term of 4 percent, payable over a 25-year amortization schedule. 

“The subject property was acquired by the Borrower in 2000, demolished, and fully-redeveloped in 2018,” said Cotsalas. “The newly constructed, five-story mixed-use building is occupied by Starbucks on the ground floor, a day care center on the second floor, and five luxury apartment units on floors three through five. NorthMarq also secured the construction financing in 2015.”