Northmarg arranges $7 million refinancing for 53,000 s/f industrial warehouse

Queens, NY Northmarq’s White Plains Debt + Equity team led by Robert Ranieri arranged $7 million in financing for a 53,000 s/f industrial distribution warehouse located at 56-75 49^th St. in the Maspeth neighborhood.

Northmarq arranged financing on behalf of the borrower, Martos Realty LLC, through a relationship with Symetra. The permanent fixed-rate financing is structured on a 10-year term with a self-amortizing schedule.

“I have been active in owner-occupied financings in Queens and Brooklyn and this was a good example of matching one of our life companies who was able to offer a 10-year fixed-rate, self-amortizing deal with a long-standing Maspeth-based coffee company,” Ranieri said.

Built in 1967, the single-tenant industrial property is positioned in the New York City metro area, providing residents access to one of the nation’s largest logistics and distribution hubs. The property is occupied by Viking SupplyNet, a global distributor of fire protection products and fire sprinkler system components.

The asset’s infill location, established operating history and proximity to key transportation networks support its long-term functionality as a distribution facility serving the region’s industrial sector.