NorthMarq Capital’s New York City office completes $47.5 million refinance of Macy’s location in Flushing, New York
Macy's
NEW YORK CITY (December 7, 2016) – Ernest DesRochers, senior vice president and Matthew Buttram, investment analyst of NorthMarq Capital’s New York City office, negotiated the $47.5 million refinance of a 250,000 sq. ft. Macy’s located at 136-32 Roosevelt Avenue and 131-51 41st Avenue in Flushing, New York. The transaction was structured with a 25-year term. NorthMarq arranged financing for the borrower through its relationship with a life insurance company. “The loan is secured by a 99-year ground lease to a very well capitalized tenant,” noted DesRochers. “The loan features both interest-only and amortization periods, allowing the borrower to maximize cash-flow.”
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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.
