$6 Million Mortgage for Staples in College Point, NY
Staples
JERICHO (September 30, 2013) – Charles Cotsalas, senior vice president and senior director of NorthMarq’s Long Island regional office, arranged refinancing of $6 million for 134-01 20th Avenue in College Point, New York. This asset is a 29,457 sq. ft. single-tenant retail property fully leased to Staples. Financing was based on 12-years fixed for 7 years or with 1, 5-year adjustment and a 30-year amortization schedule. NorthMarq arranged this financing for the borrower through its relationship with a local bank. “The borrower locked in attractive long-term financing at 3.375% while pulling out equity,” Cotsalas said. “The lender was able to overcome the single-tenanted property and ground lease given the strong retail market, and borrower’s where-with-all.”
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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.
