DeVinney of NorthMarq arranges $4.9 million mortgage for 166,807 s/f

Scott DeVinney, vice president of NorthMarq Capital's (NorthMarq) Upstate New York regional office arranged first mortgage financing in the amount of $4.9 million for the Frear and Atrium Building, a 166,807 s/f office building located between Third and Fourth Sts. Financing was based on a 5-year term and a 25-year amortization schedule and was arranged for the borrower by NorthMarq through its relationship with a federal credit union. According to DeVinney, a unique aspect of this transaction is that there is no prepayment penalty and a $1 million line of credit was part of the loan structure. NorthMarq 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.