Cotsalas and DesRochers of NorthMarq arranges $6 million mortgage for Stop & Shop

Charles Cotsalas, senior vice president and senior director of NorthMarq Capital's Long Island Regional office, and Ernest DesRochers, senior vice president and managing director of NorthMarq's New York City office, cooperated to arrange first mortgage financing of $6 million Stop & Shop, a 55,000 s/f retail property located at 8019 Jericho Tpke. Financing was based on a 10-year term and a 30-year amortization schedule and was arranged for the borrower by NorthMarq through its correspondent relationship with Allstate Life Insurance Co. According to Cotsalas, the existing lease had approximately 9 years remaining on the primary lease, a ground lease. He said, "Despite less than 10 years remaining on the ground lease, Allstate provided financing beyond the expiration of the ground lease, additional loan proceeds - all without the parent company. In addition, Allstate may provide an additional funding at a later date." 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 sq. ft. 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.