Northmarq secures $77 million refinance of New York MSA retail and office portfolio
NEW YORK (November 22, 2022) – Ernest DesRochers, Charles Cotsalas, and Robert Delitsky of Northmarq’s New York and Long Island debt/equity team arranged $77 million in refinancing for four properties located in Melville, Brooklyn, and Garden City, New York. Northmarq structured permanent-fixed rate loans for the borrowers through its network of correspondent life company relationships.
The properties represent class A assets in their respective submarkets with strong underlying property economics and top-notch local sponsorship. In each case the Borrowing entities were sponsored by groups with whom Northmarq has had long standing relationships. Northmarq’s correspondent lenders recognized theses strong attributes and provided financing structures that met client expectations in a timely manner.
445 Broadhollow Road is located in Melville, New York. Built in 1981 and recently renovated in 2021, the 4-story, class A office building totals 273,103 sq. ft. The $32 million fixed rate, non-recourse loan is structured on a 10-year term with a 25-year amortization schedule.
345 Adams Street is located in Downtown Brooklyn, New York and was constructed in the mid-1920s. The 13-story/34,668 sq. ft. class A retail condominium is located at the corner of Adams and Willoughby Streets. The $18 million fixed rate, non-recourse loan is structured on a 10-year term with a 30-year amortization schedule.
801 Axinn Avenue is located in Garden City, New York. Built in 1963 and fully renovated in 2022, the class A, single tenanted office building totals 29,565 sq. ft. The $7 million fixed rate loan is structured on a 21-year term with 2-years interest only followed by a 28-year amortization schedule.
1010 and 1050 Franklin Avenue are located in Garden City, New York. Situated on a 1-acre lot, the class B sister office buildings total 111,674 sq. ft. The $20 million fixed rate loan is structured on a 15-year term with a 30-year amortization schedule.
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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.
