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Posted: December 20, 2016
DesRochers of NorthMarq Capital refinances $47.5 million loan
Ernest DesRochers, NorthMarqQueens, NY Ernest DesRochers, senior vice president and Matthew Buttram, investment analyst of NorthMarq Capital’s NYC office, negotiated the $47.5 million refinance of a 250,000 s/f Macy’s located at 136-32 Roosevelt Ave. and 131-51 41st Ave. in Flushing. The transaction was structured with a 25-year
Macys, 136-32 Roosevelt Avenue, Flushing - Queens, NYterm. NorthMarq arranged financing for the borrower through its relationship with a life insurance company. “The loan is secured by a 99-year ground lease to a very well capitalized tenant,” said DesRochers. “The loan features both interest-only and amortization periods, allowing the borrower to maximize cash-flow.”
NorthMarq Capital, a privately held commercial real estate financial intermediary in the U.S., provides debt, equity and commercial loan servicing through its 36 offices nationwide. The company has built long-term relationships with life companies, CMBS platforms and local, regional and national banks, with a long track record of multifamily loan origination through Freddie Mac, Fannie Mae and FHA/HUD. The company closes more than $12.5 billion in commercial real estate loans annually and services a loan portfolio of more than $47 billion.
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