Cotsalas and DesRochers of NorthMarq arrange $2.1 million refinance for Jericho Crest Corp.

Charles Cotsalas, senior vice president and senior director of NorthMarq's Long Island regional office and Ernest DesRochers, senior vice president and managing director of NorthMarq's New York City Metro regional office, arranged first mortgage refinancing of $2.1 million for Jericho Crest, a 16,260 s/f strip center located at 6333 Jericho Tpke. Financing was based on a 10-year term and a 25-year amortization schedule and was arranged for the borrower, Jericho Crest Corp., by NorthMarq through its correspondent relationship with a life insurance company lender. "This transaction is a refinance with an existing lender. Given excellent matrix's; sub 50% LTV, historical stable occupancy, 15.25% debt yield, excellent property location, repeat customer, lender waived third party reports," said Cotsalas. "Smooth closing, within 30 days of commitment." 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.