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Brokerage
Posted: September 6, 2016
DesRochers and Cotsalas of NorthMarq arrange $2 million
20 Commerce Drive - Hauppauge, NYHauppauge, NY Ernest DesRochers, senior vice president/managing director and Charles Cotsalas, senior vice president/senior director of NorthMarq Capital’s Long Island-based regional office, arranged acquisition financing of $2 million for 20 Commerce Dr., a 94,757 s/f industrial property located in 20 Commerce Dr. The transaction was structured with a 10-year term and 25-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company.
Ernest DesRochers, NorthMarq
Charles Cotsalas, NorthMarq“Our correspondent lender was happy to provide a $2 million financing recognizing the opportunity for quality, larger repeat financings in the immediate future. The balance sheet lender not only finances the $20 - $100 million dollar assets but also the $2 - $5 million assets,” said DesRochers. “The non-recourse, 10-year fixed-rate refinancing with a 25-year amortization schedule was locked at 3.90%. The property was constructed in 1980 and the loan was constructed to account for two leases that were maturing on or about closing date.”
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