DesRochers and Cotsalas of NorthMarq Capital arrange 2 mortgages totaling $15.1m
June 16, 2008 - Long Island
In another transaction, DesRochers and Cotsalas arranged first mortgage financing in the amount of $3 million for 90 Nicon Court, an 82,835 s/f flex facility, located in Hauppauge, N.Y. Financing was based on a 3-year term with a 25-year amortization schedule and was arranged for the borrower by NorthMarq through its correspondent relationship with Sun Life of Canada.
Cotsalas said, "NorthMarq was engaged by the borrower to assist in providing financing for an untenanted property that possessed strong inherent value. Sun Life, in particular Matt Capofreddie, recognized the true value of the real estate even though it was entirely vacant. Sun Life structured a flexible prepayment schedule, and will likely increase their mortgage amount if the borrower chooses to re-tenant the property and not to sell. The loan negotiations commenced and closed in the midst of the current credit crisis. There were absolutely no changes from the day of loan application."