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Northmarq Arranges $77M in Refis for Properties in Brooklyn, Long Island
Ernest DesRochers, Charles Cotsalas and Robert Delitsky of Northmarq’s New York and Long Island debt/equity team arranged $77 million in refinancing for four properties located in Brooklyn and the Long Island communities of Garden City and Melville. Northmarq structured permanent-fixed rate loans for the borrowers through its network of correspondent life company relationships.
The properties represent class A assets in their respective submarkets with strong underlying property economics. In each case, the borrowing entities were sponsored by groups with whom Northmarq has had longstanding relationships.
The loans included the following:
- 445 Broadhollow Rd., a four-story, Class A office building in Melville; a $32-million, fixed rate, non-recourse loan structured on a 10-year term with a 25-year amortization schedule.
- 345 Adams St. in Brooklyn, a 13-story Class A retail condominium;. an $18-million fixed rate, non-recourse loan on a 10-year term with 30-year amortization.
- 801 Axinn Ave., a single-tenant office building in Garden City; a $7-million fixed rate loan on a 21-year term with two years interest only followed by a 28-year amortization schedule.
- 1010 and 1050 Franklin Ave., two Class B office buildings in Garden City; a $20-million fixed rate loan on a 15-year term with 30-year amortization.
Pictured: 345 Adams St.
- ◦Financing
