Bjornsund of NorthMarq arranges $2.5 million first mortgage for 38,998 s/f Brooklyn property; Deal orignated by Pergolis Swartz

Craig Bjornsund, senior VP and managing director of NorthMarq Capital's New York Metro Regional office arranged first mortgage financing in the amount of $2.5 million for 225 47th St. The property contains 38,998 s/f of mixed-use space. Major tenants include Red Leopard Lounge, LLC and Desly International Corp. Financing was based on a 25-year term with five-year rate adjustments and a 25-year amortization schedule. The deal was originated by Pergolis Swartz Associates and was arranged for the borrower, 225 47th St. Property, LLC, by NorthMarq through its correspondent relationship with StanCorp Mortgage Investors LLC. Bjornsund said, "StanCorp was able to get comfortable with this mixed-use industrial/retail building due to the very strong location and experienced owner/manager." NorthMarq, headquartered in Minneapolis, offers commercial real estate services for investors, developers, corporations and tenants. The company provides mortgage banking and commercial loan servicing in 32 offices coast-to-coast, with an average of $7 billion in annual production volume and services a loan portfolio of nearly $40 billion. NorthMarq manages more than 60 million sq. ft. of retail, industrial and office space in 22 markets around the country and handles more than 7,500 leasing, sales and mortgage banking transactions annually. For more information, please visit www.northmarq.com.