Real Estate Journal — November 14 - 27, 2014 — 9A
M id A tlantic
L ender ’ s D irectory
NorthMarq arranges $2,537,500 in acquisition financing for an office building NorthMarq Capital finalizes $9m refinance of 1122 Franklin Ave. office building in NY
ARDEN CITY, NY — Charles Cotsalas and Ernie DesRo-
chers , s e - n i o r v i c e p r e s i d en t s o f No r t h - Marq Capi- t a l ’ s Ne w York metro b a s e d r e - gional office secured the $9 mi l l i on refinance of 1122 Frank- lin Ave., a 48,383 s/f of- fice building l o c a t e d i n Garden City. The t rans - action was
1122 Franklin Ave.
26 Parkridge Rd.
structured with a 12-year term with 5-years interest only and 30-year amortization. North- Marq arranged financing for the borrower, 1122 Franklin LLC, through its correspon- dent relationship with a life insurance company. “Through our correspondent life company relationship we placed attractive long-term financing at 4% with 5-years interest only, taking out a CMBS loan,” said Cotsalas. “The borrower realized a sig- nificant cash out with little, if any, capital remaining. This was a high leveraged loan on a suburban office building.” HAVERHILL, MA — Ed Riekstins , senior vice presi- dent of NorthMarq Capital’s
Recently Closed Loans
Boston based regional of- fice secured acqui s i t i on financing of $2 , 537 , 500 for a 42,000 s / f o f f i c e building lo- cated at 26
Mixed-Used Apartment Conversion Residential Land Development 11-Unit Apartment Conversion Philadelphia, PA Malvern, PA Philadelphia, PA 80% LTC, 24 Months, 300 bps over LIBOR 3 Years, 1,150 bps over LIBOR, I/O 75% LTC, 12 Months, 4.25% I/O
Parkridge Rd. in Haverhill, Massachusetts. The transac- tion was structured with a 20- year term and 25-year amorti- zation. NorthMarq arranged financing for the borrower through its correspondent re- lationship with a life insurance company. “The strong location of the property as well as the lender’s assistance to complete a quick closing made this a successful transaction,”said Riekstins. “We look forward to doing more business with both the borrower and the lender.” n
Real Property Capital is a Philadelphia based full service commercial mortgage banking firm with a regional focus and national capabilities. Our business model emphasizes client satisfaction through a high-touch, analytical approach that distinguishes us from the competition. Learn more about our distinct approach and proven track record of success at www.realpropertycapital.com. FOR MORE INFORMATION: R. Brenner Green, President 75 East Butler Avenue • Ambler, PA 19002 • 610-456-9644 • firstname.lastname@example.org
Made with FlippingBook - Online catalogs