NorthMarq Capital arranged $630,000 mortgage for ground lease to Valley Cottage Industrial in Valley Cottage, New York
Valley Cottage Industrial Ground Lease
PARSIPPANY (June 12, 2013) – Gary Cohen, senior vice president and senior director of NorthMarq’s North New Jersey regional office, arranged a first mortgage loan in the amount of $630,000 for the refinance of a 10,000 sq. ft. ground lease to Valley Cottage Industrial located at 201 route 303 in Valley Cottage, New York. Financing was based on a 3-year term and a 25-year amortization schedule. NorthMarq arranged this financing for the borrower through its relationship with a local bank. “The borrower had no debt on the property but had to raise cash in a hurry and refinanced the property,” Cohen said. “We introduced the deal to a local bank that required a personal guaranty from the principal. They were able to provide a competitive rate and very flexible prepayment terms.”
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.
