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Posted: March 23, 2015
Cotsalas of NorthMarq secures $3 million refinance of 18,523 s/f retail property
Charles Cotsalas, senior director of NorthMarq Capital's New York metro based regional office secured the $3 million refinance of Mangreen Properties, an 18,523 s/f retail property located at 910 Manhattan Ave. The transaction was structured with a 10-year term and 25-year amortization schedule.
Northmarq arranged financing for the borrower through its relationship with a national bank. NYSC represents the property's major tenant.
"NYSC was the primary tenant at this property," said Cotsalas. "As such, many lenders were not comfortable with funding a health club. We were fortunate to have a lender who readily recognized the overwhelming strengths of this location. A 10-year fixed-rate loan was closed at less than 4%."
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