Cummings of NorthMarq closes $550,000 mortgage

Karen Cummings, vice president of NorthMarq Capital's Upstate NY Regional office, arranged first mortgage financing in the amount of $550,000 for Prospect Park Apartments located at 275 Prospect Park West. The property is a mixed use/apartment building containing six multifamily units and 2,500 s/f of office space and is fully leased. Financing was based on a 10-year term and a 25-year amortization schedule and was arranged for the borrower by NorthMarq through its relationship with Bethpage Federal Credit Union. According to Cummings, this transaction had a 35% loan to value. "The asset is a beautiful building in a very popular section of Brooklyn." NorthMarq, headquartered in Minneapolis, offers commercial real estate services for investors, developers, corporations and tenants. The company provides mortgage banking and commercial loan servicing in 32 offices coast-to-coast, with an average of $7 billion in annual production volume and services a loan portfolio of nearly $40 billion. NorthMarq manages more than 60 million sq. ft. of retail, industrial and office space in 22 markets around the country and handles more than 7,500 leasing, sales and mortgage banking transactions annually.