Northmarq secures $16.5M refinance of The Wellington Court Apartments in Staten Island, NY

LONG ISLAND, N.Y. (Nov. 14, 2024) — Charles Cotsalas, senior vice president and senior director of Northmarq’s Long Island team arranged a $16.5 million first mortgage loan for The Wellington Court Apartments within the dense and suburban borough of Staten Island, in New York.

“The transaction provided the borrower with an attractive rate, a significant cash-out and step-down prepayment flexibility,” said Cotsalas. “At the same time, it paved the way for Flagstar’s exit, the takeout lender formerly known as New York Community Bank, who is in the midst of shrinking their commercial real estate exposure.”

The loan was structured as a 5-year term, amortized over a 30-year schedule. The financing was provided by one of Northmarq’s correspondent life companies.  

The Wellington Court Apartments, located at 141, 145, 171 and 196 Wellington Court, are a fractured condominium community spanning 163 units, of which 146 units (90%) were the loan’s collateral. The unit mix includes studio, one-, two- and three-bedroom units.