Cotsalas of NorthMarq Capital completes $5 million refinance of 48,458 s/f retail shopping center in Whitestone, Queens

Charles Cotsalas, senior managing director of NorthMarq Capital's Long Island based office arranged the $5 million refinance of Allied Shopping Center, a 42,458 s/f retail property located at Francis Blvd. and Willis Point Blvd. in Whitestone. The transaction was structured with a 10-year term and 25-year amortizations. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company. CVS represents the property's major tenant. "Our correspondent lender provided 100% cash-out finance dollars and attractive 10-year fixed-rate financing—even though the leases were all turning at least once during the term," said Cotsalas. NorthMarq Capital 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 multifamily financing as a Freddie Mac Program Plus 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.