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Posted: January 4, 2008
Berns of NorthMarq finances $7.35 million for 90,584 s/f property
Sam Berns, senior vice president and managing director of NorthMarq Capital, Inc.'s upstate New York regional office, arranged first mortgage financing of $7.35 million for 300 Canal View, a 90,584 s/f office property. Major tenants in the building are Paychex and Nortel. Financing was based on a 10-year term with a 25-year amortization schedule and arranged for the borrower by NorthMarq through its relationship with American National Insurance Company.
According to Berns, American National Insurance Company allowed us to use a master lease for vacant space. This allowed our client to achieve maximum loan proceeds. He said, "American National Insurance Company closed this loan within 30 days of commitment."
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