Little Neck Industrial Lands Financing via NorthMarq
NorthMarq arranged a $17-million permanent-fixed financing for a 233,220-square-foot industrial/warehouse building located at 60-15 Little Neck Pkwy. in the Little Neck neighborhood of Queens. Charles Cotsalas, senior director of NorthMarq’s Long Island office, and Robert Delitsky, managing director of the firm’s New York City office, collaborated on the financing.
The single-tenanted, non-credit tenant transaction was financed by one of NorthMarq’s correspondent life insurance companies. The loan was structured as a 15-year self-liquidating, 3.08% fixed-rate loan with stepdown prepayment flexibility.
“This is the second transaction that we closed with the same correspondent life company on behalf of the borrower who was extremely pleased with the cash-out recapitalization and non-recourse, entity-only, borrower provision,” said Cotsalas. “NorthMarq arranged financing for the adjacent building occupied by Northwell.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).