Cotsalas of NorthMarq Capital handles $8.1 million first mortgage; secured through StanCorp Mortgage Investors LLC

Charles Cotsalas, senior vice president and senior director of NorthMarq Capital's Long Island regional office, arranged an $8.1 million first mortgage financing for 111 & 113 East 12th St., a five-story plus basement mixed-use property. The property consists of 10,000 s/f of retail and office space, and 15 above ground apartment units. Financing was based on a seven-year term and a 25-year amortization schedule and was arranged for the borrower by NorthMarq through its correspondent relationship with StanCorp Mortgage Investors, LLC. According to Cotsalas, this loan closed in an extremely short timeframe, from application to closing-three weeks. The correspondent lender, StanCorp, allowed the borrower mezzanine financing and provided an additional credit structure for the remaining vacant retail space. "The borrower was extremely satisfied with the seven-year structure, attractive rate, leverage; especially considering the current difficult lending environment," said Cotsalas.