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Brokerage
Posted: January 13, 2014
James of NorthMarq finances $4.15 million for Cayuga Professional Building
Michael James, vice president of NorthMarq's Rochester regional office, arranged refinancing of $4.15 million for Cayuga Professional Building, a 36,336 s/f professional office building located at 1301 Trumansburg Rd. The property is occupied by various professional and health care related companies. Financing was based on a 10-year term and a 30-year amortization schedule and was arranged for the borrower by NorthMarq through its relationship with a CMBS lender.
"NorthMarq's Defeasance Group helped the borrower defease his existing loan at the same time the new loan was being closed," said James. "The borrower was able to lock in favorable non-recourse financing."
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