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Brokerage
Posted: February 25, 2008
NorthMarq completes $27.108m commercial financings in upstate area
NorthMarq Capital, Inc. has arranged over $27.108 million in commercial real estate mortgage financings for developers on a variety of properties in the upstate area.
Sam Berns, senior VP of NorthMarq, has arranged $16.108 million financing for Webster Manor Apartments through Marquette Realty Capital. Marquette is another NorthMarq direct lending subsidiary which provides short term bridge loan financing. This three-year, LIBOR-based, interest-only credit facility provided 93% loan to cost. The high loan to cost feature of Marquette's program enabled our client to preserve equity needed for an additional multifamily property acquisition. The loan's future "take-out" strategy will involve either, AmeriSphere's FNMA DUS program or NorthMarq's Freddie Mac seller/servicer product.
Also financed by Berns was a class A suburban office building for $7.3 million with a correspondent life insurance company. NorthMarq's correspondent life insurance company allowed the use of a master lease for 10,000 s/f of vacant space. This allowed our client to achieve maximum proceeds.
Berns also closed $2.1 million in permanent financing for several Dollar General retail stores in upstate area. A correspondent life insurance company provided the permanent, 10-year fixed-rate, partially recourse loan.
Michael James, VP of NorthMarq, closed $1.6 million in financing for industrial space located in Amherst and he also placed $1.8 million construction loan for a drug store in the upstate region.
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