Cotsalas of NorthMarq secures $20 million for Brooklyn Renaissance

Charles Cotsalas, senior director of NorthMarq Capital's New York metro based office secured the $20 million refinance of the Brooklyn Renaissance Garage, an 888-space parking garage condominium located at 335 Adams St. The transaction was structured with a 10-year term and 30-year amortization schedule. Financing for the borrower, Brooklyn Renaissance Group, LLC was arranged by NorthMarq through its correspondent relationship with a life insurance company. "The first leasehold mortgage, leased from the city of N.Y., was for a term of ten years at an attractive interest rate given the complexity of the entity, security, ground lease, expiring tax abatement and to-be-determined future ground rent," said Cotsalas. "The garage is part of a 1.2 million s/f development between a public company and the borrower, a private Queens based developer." NorthMarq provides mortgage banking and commercial loan servicing in 34 offices coast to coast. With $10 billion in annual production volume and servicing a loan portfolio of $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.