Cotsalas and DesRochers of NorthMarq Capital refinance $9 million loan

Charles Cotsalas and Ernie DesRochers, senior vice presidents of NorthMarq Capital's (www.northmarq.com) New York metro based regional office secured the $9 million refinance of 1122 Franklin Ave., a 48,383 s/f office building located at 1122 Franklin Ave. The transaction was structured with a 12-year term with five-years interest-only and 30-year amortization. NorthMarq arranged financing for the borrower, 1122 Franklin LLC, through its correspondent relationship with a life insurance company. "Through our correspondent life company relationship we placed attractive long-term financing at 4% with five years interest only, taking out a CMBS loan," said Cotsalas. "The borrower realized a significant cash out with little, if any, capital remaining. This was a high leveraged loan on a suburban office building." NorthMarq Capital, one of the largest privately held commercial real estate financial intermediaries in the U.S., provides mortgage banking and commercial loan servicing in 34 offices coast to coast. With more than $10 billion in annual production volume and servicing a loan portfolio of more than $42 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 loan production and loan servicing relationships with more than 50 life companies, many CMBS platforms and hundreds of local, regional and national banks.