NorthMarq Capital
Westbury, NY Ernest DesRochers, senior vice president/managing director of NorthMarq Capital’s New York City office and Charles Cotsalas, senior vice president/senior director of NorthMarq Capital’s Long Island regional office, collaborated to arrange the $17 million refinance of a 118,379 s/f office property located at 865 Merrick Ave.
The transaction was structured with a 5-year term. NorthMarq arranged financing for the borrower through its relationship with a local bank.
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,