DesRochers and Cotsalas of NorthMarq arrange $25 million; Team also secures $3.5 million for 37,200 s/f Massapequa shopping center

Ernest DesRochers, senior vice president and co-managing director of NorthMarq's (@NorthMarq) New York City Metro Regional office and Charles Cotsalas, senior vice president and senior director of NorthMarq's Long Island branch office, arranged first mortgage refinancing of $25 million for Melville Office Center, a 270,000 s/f office building located at 445 Broad Hollow Rd. Financing was based on a 10-year term with interest only for 12 months and 30-year amortization schedule through maturity. The loan was arranged by NorthMarq through one of its correspondent life company lenders. "The lender on the transaction forward committed a sub 4% interest rate for a period of 7 months prior to closing allowing the borrower to close within the open PAR period of the mortgage and avoiding a significant prepayment penalty," said DesRochers. DesRochers and Cotsalas also arranged first mortgage refinancing of $3.5 million for North Massapequa LLC. The collateral is the Massapequa Shopping Center, a 37,200 s/f neighborhood retail center located at 802-826 Hicksville Rd. in North Massapequa. Harmon Drugs is the major tenant at the site. Financing was based on a 10-year term and a 30-year amortization schedule and was arranged by NorthMarq through one of its correspondent life company lenders. "The property is a well-located, drug store anchored neighborhood shopping center that has had a stable occupancy history since it was constructed over 30 years ago. Combined with the strong sponsor and low leverage, we were able to secure a sub 4% fixed rate for our customer," said Cotsalas. "The borrower is a repeat customer who has transacted with several of our life company correspondents." NorthMarq, the largest privately held commercial real estate financial intermediary in the U.S, provides mortgage banking and commercial loan servicing in 33 offices across the U.S. With an average of $8 billion in annual production volume and servicing a loan portfolio of nearly $40 billion, the company offers expertise to borrowers of all size. The company has a long track record of multi-family financing as a Freddie Mac Program Plusâ„¢ Seller-Servicer, and through its affiliation with Fannie Mae DUS lender AmeriSphere Multifamily Finance. In addition, NorthMarq has long relationships with over 50 life companies, many CMBS platforms and hundreds of local, regional and national banks.