Berns of NorthMarq arranges $2.175 million mortgage in Webster

Sam Berns, senior vice president and managing director of NorthMarq Capital's (NorthMarq) Upstate New York Regional office arranged first mortgage financing in the amount of $2.175 million for Village Path Townhomes, a 21-unit multifamily property. Financing was based on a 10-year term and a 20-year amortization schedule and was arranged for the borrower by NorthMarq through its relationship with a regional bank. According to Berns, our lender allowed for the sale of the collateral on a per building basis if the developer chose to convert the project into a townhome for sale project. "This was a unique aspect of the transaction," said Berns. NorthMarq, headquartered in Minneapolis, offers commercial real estate services for investors, developers, corporations and tenants. The company provides mortgage banking and commercial loan servicing in 32 offices coast-to-coast, with an average of $7 billion in annual production volume and services a loan portfolio of nearly $40 billion. NorthMarq manages more than 60 million s/f of retail, industrial and office space in 22 markets around the country and handles more than 7,500 leasing, sales and mortgage banking transactions annually. For more information, please visit www.northmarq.com.