Northmarq secures $26 million refinance of Luxury Apartments in East Harlem, New York
NEW YORK CITY, NEW YORK (March 20, 2023) — Chuck Cotsalas, senior vice president/senior director in Northmarq’s Long Island office, and Robert Delitsky, senior vice president/managing director in New York City’s office, have arranged a $26 million loan secured through Luxury Apartments located in East Harlem, New York. The 11-story multifamily property contains 90 residential units, ground floor retail and on-site parking.
The refinance was structured as a 20-year fixed rate loan at 5.41% coupon with a 25-year amortization schedule. Northmarq secured the permanent loan for the borrower through its correspondent relationship with Nationwide Life Insurance Company. “This long-term financing provided the borrower the structure and the solution for the future sunsetting of a 421-A tax abatement. Additionally, Northmarq’s defeasance team’s knowledge and expertise was noted by the borrower, greatly simplifying the closing process.” said Cotsalas.
“We appreciate the recommendation to go with Northmarq’s defeasance team” the borrower’s counsel stated. “As with all of these tangential parts of a closing, the most important thing is that the team knows what they are doing and makes the process easier which as you know is not always the case.”
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Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. For more information, visit www.northmarq.com.
