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Westbury Office Lands Refi Through NorthMarq Capital
NorthMarq Capital SVPs Ernest DesRochers and Charles Cotsalas have arranged the $17- million refinance of a 118,379-square-foot office property at 865 Merrick Avenue in the Nassau County community of Westbury, NY. The transaction was structured with a five-year term.
DesRochers, managing director of NorthMarq’s New York office, and Cotsalas, senior director of the firm’s Long Island office, arranged financing for the borrower through NorthMarq’s relationship with a local bank.
Cushman & Wakefield’s most recent report on the Long Island office market, for the first quarter, showed that it performed “moderately well” with overall vacancy remaining below 13%. As the quarter ended, Long Island’s vacancy rate trended nearly 4% below its historical average of 16.5%.
“Among the other Tri-State region suburban office markets, Long Island continues to boast some of the lowest vacancy rates,” according to Cushman & Wakefield.
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- ◦Financing
