NorthMarq Capital arranged $630,000 mortgage for ground lease to Valley Cottage Industrial in Valley Cottage, New York
Valley Cottage Industrial Ground Lease
PARSIPPANY (June 12, 2013) – Gary Cohen, senior vice president and senior director of NorthMarq’s North New Jersey regional office, arranged a first mortgage loan in the amount of $630,000 for the refinance of a 10,000 sq. ft. ground lease to Valley Cottage Industrial located at 201 route 303 in Valley Cottage, New York. Financing was based on a 3-year term and a 25-year amortization schedule. NorthMarq arranged this financing for the borrower through its relationship with a local bank. “The borrower had no debt on the property but had to raise cash in a hurry and refinanced the property,” Cohen said. “We introduced the deal to a local bank that required a personal guaranty from the principal. They were able to provide a competitive rate and very flexible prepayment terms.”
About Northmarq
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.