NorthMarq Capital completes $10 million in first mortgage financing for 202,000 s/f retail/office complex on Long Island

NorthMarq Capital, Inc. has completed first mortgage financing of $10 million on a 202,000 s/f shopping center and office complex in a superior location on Long Island. According to Greg Nalbandian, vice president in NorthMarq's Northern New Jersey Regional office, the purpose of the financing was to assist the trustees in purchasing the fee interest from the leasehold mortgagee who had controlled the property since 1967. Proceeds also will be used toward a major capital improvement program and repositioning the property. "Taking advantage of the complex's superior location and exceptional value, NorthMarq structured a very aggressive 10-year, interest-only mortgage with a major life insurance company in order to maximize the trustees' year-over-year cash flows which was very important to them," Nalbandian said. NorthMarq Capital, Inc., a national real estate investment banker headquartered in Minneapolis with 28 regional offices coast-coast, provides commercial real estate debt and equity financing and commercial loan servicing. NorthMarq Capital provides more than $13 billion in annual production volume and services a loan portfolio of more than $34 billion. NorthMarq also provides real estate investment consulting services for public and private clients nationally through its consulting group, NorthMarq Advisors, LLC.