NorthMarq’s Long Island office negotiates $4 million refinance of an industrial property in Hauppauge, New York
LONG ISLAND, NEW YORK (January 30, 2019) – Charles Cotsalas, senior vice president of NorthMarq’s Long Island regional office, secured the $4 million cash-out refinance of an 82,835 sq. ft. industrial property located at 90 Nicon Court in Hauppauge, New York. The non-recourse, entity only transaction, locked at 4.33 percent, was structured with a 10-year fixed-rate loan on a 25-year amortization schedule. NorthMarq arranged the permanent-fixed loan for the borrower, 90 Nicon Realty, LLC, through its correspondent relationships with Lincoln Financial Group, a life insurance company. The building is fully occupied by W.B. Mason.
“The lender provided stepdown prepayment flexibility” said Cotsalas. “NorthMarq arranged this financing for the borrower through its relationship with one of its correspondent life company lenders.
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