NorthMarq Capital arranges two office transactions in New York totaling a combined $6.875 million
Two Office Properties
WESTCHESTER (July 23, 2014) – Robert W. Ranieri, senior vice president/managing director of NorthMarq Capital’s Greater Westchester NY/CT regional office secured financing for two transactions in New York, totaling a combined $6.875 million . Cedar Plaza: This 63,591 sq. ft. office property, located at 20 Cedar Street, New Rochelle, New York was refinanced at $6,000,000. The transaction was structured with a 10-year term and 25-year amortization schedule. NorthMarq Capital arranged financing for the borrower, Cedar Plaza Associates LLC through its relationship with a regional bank. Sidney Frank Importing Company is the major tenant of the property. North Salem Center: This 23,300 sq. ft. mixed-use property, located at 56-62 June Road, North Salem, New York was refinanced at $875,000. The transaction was structured with a 7-year term and 30-year amortization schedule and was arranged for the borrower, North Salem Brothers Realty, LLC through NorthMarq’s relationship with a regional bank. Major tenants of the property include the US Postal Service and M&T Bank. “This was a low leverage loan that the borrower requested no escrows and prepayment flexibility,” said Ranieri. “The regional bank was able to offer a fixed rate 10-year deal with one year interest only in order to attract this quality business.”
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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.
