James of Northmarq arranges $8.5 million mortgage for medical office building

Michael James, vice president of NorthMarq's Rochester Regional office, arranged refinancing of $8.5 million for Crouse Irving Memorial Physicians Office Building, a 92,000 s/f medical office building located at 725 Irving Ave. The property is occupied by various health care related companies. Financing was based on a 20-year term and a 20-year amortization schedule and was arranged for the borrower by NorthMarq through its relationship with a correspondent life company lender. "This deal provides long-term self-amortizing non-recourse debt," James said "The borrower was able to lock in financing at a very favorable rate."