NewStar Financial closes $10.76 million loan on One Merrick Ave. in Westbury

NewStar Financial, Inc., a Boston-based specialty finance company, has provided $10.76 million in non-recourse, first mortgage loan financing on One Merrick Ave., a one-story, professional office building. The borrower is 1 Merrick LLC, which is owned by Michael Ambrosino, owner and president of Ambrosino Consultant Corporation. The sponsors will use the NewStar loan to acquire the vacant building and transition the space for medical and professional office use as well as cover renovations and leasing costs. The planned capital improvements include installation of exterior canopies and doors at each tenant suite, parking lot enhancements, aesthetic improvements, and upgrades to the life safety systems. NorthMarq Capital of Long Island acted as the exclusive financial advisor to the borrower. Chuck Cotsalas, principal of NorthMarq said, "We selected NewStar since they understand renovation and lease up risks. NewStar was very responsive to the borrower's specific need for a loan structure that funded not only additional capital necessary to complete the improvements but also accommodated future leasing." The new owners have selected John La Ruffa, SIOR, senior director of NAI Long Island, as their exclusive leasing broker. "The property offers tenants private entrances from the exterior, individual tenant controlled HVAC and electric, low loss factor, a 5 car per 1,000 s/f parking ratio and easy access to all major roadways, ideal for medical and professional offices," said La Ruffa. The loan facility was structured with a 2-year term and two one-year extension options. NewStar provided flexible prepayment options to allow the borrower to refinance the property upon stabilization. NorthMarq Capital will provide loan servicing for NewStar. NewStar's deal team for the transaction included Jim Korinek, Carolyn Pianin, Jake Clapton, Scott McIsaac and Evan Turner. NorthMarq Capital's team was led by Charles Costales and Ernie DesRochers.