Arranged $1.2 Million Mortgage for Small Industrial Building in Brooklyn, NY
P. J. Bimi
JERICHO (February 25, 2013) – Charles Cotsalas, senior vice president and senior director of NorthMarq’s Long Island regional office, arranged first mortgage refinancing of $1.2 million for an 18,000 sq. ft. industrial building in Brooklyn, New York . The property is leased to three tenants, two of which are on month-to-month leases. Financing was based on a 10-year term and a 25-year amortization schedule. NorthMarq arranged this financing for the borrower through its relationship with a correspondent life company lender. “The lender provided 100% cash out refinance for 10 years at less than 5% for non-credit rated tenants primarily on month-to-month leases,” said Cotsalas. “The borrower was able to recapture the majority of its equity created over the last 5 years.”
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