Cotsalas and DesRochers of NorthMarq Capital arrange $10.76m bridge mortgage

Charles Cotsalas, vice president, and Ernest DesRochers, senior vice president and managing director, in NorthMarq Capital, Inc.'s (NorthMarq) Long Island Regional office, arranged first mortgage bridge financing totaling $10.76 million for One Merrick Ave. Financing for this 52,138 s/f office property was based on a 2-year interest only term and arranged for the borrower, 1 Merrick LLC, by NorthMarq through its correspondent relationship with New Star Financial. According to DesRochers, the mortgage loan was used to acquire a vacant single tenant former headquarters building with additional proceeds available to reposition the property into a multi-tenanted medical office and business complex. The repositioning is expected to be completed over the next 12 months. He said, "The bridge loan was closed as applied for within 60 days of application in arguably the most difficult capital market in 15 years. A well deserved thank you goes to our colleagues at NewStar for their diligent efforts in closing this transaction as applied for and on time." NorthMarq Capital, a national real estate investment banker headquartered in Minneapolis with 28 regional offices coast-to-coast, provides commercial real estate debt and equity financing and commercial loan servicing.