NEW YORK METRO (October 27, 2014) – Charles Cotsalas, senior managing director of NorthMarq Capital’s Long Island based office and Ernest DesRochers, senior vice president/managing director of NorthMarq Capital’s New York metro based office secured the $21.5 million refinancing of Southgate Shopping Center. The 117,960 sq.ft. retail property is located at 4900-4914 Merrick Road in Massapequa, New York. The transaction was structured with a 15-year term with 10-years interest only and 30-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company. King Kullen Supermarket and U.S. Post Office represent the major tenants on the property. “Despite a limited amount of leas term remaining on the grocery anchor, our correspondent lender understood the location to provide 10-years interest only of a 15-year mortgage term,” said Cotsalas. “The rate was quite aggressive, winning this highly sought after financing. This was the second loan for our client within the last six months seeking life company, portfolio-based execution.”
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.
