Real Estate Journal — Northern New Jersey — September 13 - 26, 2019 — 7B
www.marej.com
M id A tlantic
N orthern NJ
EWARK , NJ — Charles Cotsalas , senior vice president McDonagh, principal at Clatter Realty, acted as the mortgage broker Cotsalas of NorthMarq facilitates $8 million financing of 31 Clinton Street in Newark N - Chuck Cotsalas Property Details:
As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, invest- ment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60- year history, annual transac- tion volume of $13 billion, loan servicing portfolio of more than $57 billion and the multi-year tenure of our more than 500 people.
The subject property is a 12-story office building occu- pied by the State of New Jersey, Office of the Public Defender. The Tenant has occupied the site since 1991 and has recently extended their lease for another 15 years. The proceeds will be used for improvements such as (but not limited to) new eleva- tor, new roof, new HVAC con- trol system, and facade repairs. The correspondent life company has maintained the collateral on their books for more than 20 years.
o f No r t h - Marq’s Long Island office arranged the $8 million fi- nancing of an office proper- ty located at 31 Clinton St. in Newark.
Charles Cotsalas
Financing Details: - 15-year, self-liquidating fixed rate loan at 3.72% - Non-recourse (entity only) - NorthMarq arranged the financing for the borrower through its relationship with one its Correspondent Life In- surance Companies - John McDonagh, principal at Clatter Realty , acted as the mortgage broker Producer Quote: “This aggressively priced long term fixed rate financing provided the working capital to make the necessary capital improvements without the borrower coming out of pocket. This was the third time the bor- rower refinanced with North- Marq’s exclusive relationship with Lincoln Financial.” The Hampshire Cos. welcomes five new hires to fuel continued growth MORRISTOWN, NJ — The Hampshire Companies has welcomed five new em- ployees over the first half of 2019. They include: Jay Stasi - senior development manager, Shanette Robbolino - opera- tions administrator, Kristina Fitzpatrick - investor rela- tions marketing specialist, Dominick Maietta - real estate services coordinator, and John Frisina - Analyst. “Throughout our history, our ability to deliver tangible, transformative real estate investment projects has been reliant on deploying a highly experienced team made up of the best real estate profes- sionals in the business,” said Deborah Paige Hanson , principal, executive VP & fund manager. “We welcome each of these employees to the Hamp- shire family and look forward to leveraging their deep expe- rience and knowledge to assist us in executing our short and long-term investment strate- gies.”
31 Clinton St.
R E C E N T T R A N S A C T I O N S
MULTIFAMILY $21,500,000 CHURCH SQUARE HOBOKEN, NJ | 81 UNITS BANK
AFFORDABLE HOUSING $20,525,000 EASTVIEW APARTMENTS HOBOKEN, NJ | 79 UNITS BANK
INDUSTRIAL $27,500,000
2900 WOODBRIDGE EDISON, NJ | 346,000 SF LIFE COMPANY
O U R N E W J E R S E Y T E A M
Gary Cohen Managing Director
Marc Nevins Vice President
COMMERCIAL REAL ESTATE DEBT & EQUITY | INVESTMENT SALES | LOAN SERVICING
Call us at 973.538.2330 or visit northmarq.com/north-new-jersey
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