December 5, 2019
NorthMarq arranged a $17-million permanent-fixed financing for a 233,220-square-foot industrial/warehouse building located at 60-15 Little Neck Pkwy. in the Little Neck neighborhood of Queens. Charles Cotsalas, senior director of NorthMarq’s Long Island office, and Robert Delitsky, managing director of the firm’s New York City office, collaborated on the financing.
The single-tenanted, non-credit tenant transaction was financed by one of NorthMarq’s correspondent life insurance companies. The loan was structured as a 15-year self-liquidating, 3.08% fixed-rate loan with stepdown prepayment flexibility.
“This is the second transaction that we closed with the same correspondent life company on behalf of the borrower who was extremely pleased with the cash-out recapitalization and non-recourse, entity-only, borrower provision,” said Cotsalas. “NorthMarq arranged financing for the adjacent building occupied by Northwell.”
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