Berns of NorthMarq completes $3.24 million for Rochester medical office

Sam Berns, senior vice president/managing director of NorthMarq's Rochester Regional office, arranged first mortgage refinancing of $3.24 million for 2180 S. Clinton Ave. The property is a 21,200 s/f medical office building occupied by the University of Rochester's Strong Memorial Hospital. 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 national bank. This project represented the successful completion of a renovation specifically for the use of the hospital and several of its programs. Berns said, "This financing provided our clients with a return of equity following the stabilization of this real estate asset." NorthMarq, the largest privately held commercial real estate financial intermediary in the U.S, provides mortgage banking and commercial loan servicing in 33 offices across the U.S. With an average of $8 billion in annual production volume and servicing a loan portfolio of nearly $40 billion, the company offers expertise to borrowers of all size. The company has a long track record of multi-family financing as a Freddie Mac Program Plusâ„¢ Seller-Servicer, and through its affiliation with Fannie Mae DUS lender AmeriSphere Multifamily Finance. In addition, NorthMarq has long relationships with over 50 life companies, many CMBS platforms and hundreds of local, regional and national banks. For more information, please visit www.northmarq.com.