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Posted: March 11, 2013
Cotsalas of NorthMarq arranges $1.35 million mortgage for day care, Arranged for borrower through life company lender
Charles Cotsalas, senior vice president and senior director of NorthMarq's Long Island regional office, arranged first mortgage refinancing of $1.35 million for a 6,000 s/f day care center located at 2813 Farragut Rd. Financing was based on a 10-year term and a 25-year amortization schedule. NorthMarq arranged this financing for the borrower through its relationship with a correspondent life company lender.
"The long-term 10-year fixed-rate financing represented nearly 100% of the capital invested into an atypical property type," said Cotsalas. "The sub 5% rate had a 25-year amortization schedule for a small operator of a day care facility."
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