$6 Million Mortgage for Staples in College Point, NY
Staples
JERICHO (September 30, 2013) – Charles Cotsalas, senior vice president and senior director of NorthMarq’s Long Island regional office, arranged refinancing of $6 million for 134-01 20th Avenue in College Point, New York. This asset is a 29,457 sq. ft. single-tenant retail property fully leased to Staples. Financing was based on 12-years fixed for 7 years or with 1, 5-year adjustment and a 30-year amortization schedule. NorthMarq arranged this financing for the borrower through its relationship with a local bank. “The borrower locked in attractive long-term financing at 3.375% while pulling out equity,” Cotsalas said. “The lender was able to overcome the single-tenanted property and ground lease given the strong retail market, and borrower’s where-with-all.”
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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.
