James of NorthMarq Capital arranges $3.5 million first mortgage; Cotsalas and DesRochers handle $2.8 million financing

Michael James, vice president of NorthMarq Capital's Upstate New York Regional office, arranged first mortgage financing in the amount of $3.5 million for 225 Greenfield Pwy., a 74,000 s/f office building. Brookfield Renewable Power is the major tenant in this facility. 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 a federal credit union. According to James, this transaction has very favorable rate and prepayment features. In a second transaction, Charles Cotsalas, senior vice president and senior director of NorthMarq Capital's Long Island Regional office and Ernest DesRochers, senior vice president and managing director of NorthMarq Capital's New York Metro Regional office, arranged $2.8 million first mortgage financing for the Campus View Apartments in Albany. This multifamily property contains 114 units. Financing was based on a 10-year term with a 5-year rate review and a 30-year amortization schedule. The loan was arranged for the borrower, Campus View II Apts., LLC. According to Cotsalas, the lender was extremely flexible meeting the borrower's needs. This was a cash-out refinance with limited historical seasoning in an environment that is experiencing declining collections, street rents and increasing vacancies. The borrower was able to realize the value he created, transitioning the property to a stable income producing property since acquiring it a few years ago. NorthMarq offers a full range of commercial real estate solutions across the country from its headquarters in Minneapolis, Minn. The NorthMarq Capital group offers commercial real estate investment banking, investment sales, real estate debt and equity financing, and commercial loan servicing in 32 offices coast-to-coast, averaging $10 billion in annual production volume and servicing a loan portfolio of more than $37 billion. NorthMarq Real Estate Services provides brokerage, property management and healthcare advisory services to investors and space users, and through its Corporate Solutions division, provides mid-size corporate users real estate services nationwide