DesRochers and Cotsalas of NorthMarq arrange $6.5 million loan for the refinance of The Marcum LLP office buildings in Melville

Ernest DesRochers, senior vice president/managing director of NorthMarq's New York Metro regional office, and Charles Cotsalas, senior director of NorthMarq's Long Island regional office, cooperated to arrange refinancing of $6.5 million for The Marcum LLP Office Building, located at 10 Melville Park Rd. Financing for the 53,750 s/f conventional market multifamily property was based on a 10-year term and 25-year amortization schedule. This deal represents a refinance of a class A building that has been occupied by a series of long-term single tenants since it was built in the early 1980's. Those leases ranged from 5 to 15 years in length. "The lender was one of our correspondent life company lenders," said DesRochers. "Their familiarity with the Melveille office market and the comfort with the borrower's expertise for this type of occupancy allowed them to get comfortable in making this loan."