DesRochers and Cotsalas of NorthMarq arrange $2.2m mtge.
July 14, 2008 - Long Island
Ernest DesRochers, senior vice president and managing director, and Charles Cotsalas, senior vice president and senior director, in NorthMarq Capital, Inc.'s (NorthMarq) Long Island Regional office, arranged first mortgage financing in the amount of $2.2 million for 110 Windsor Place, a 41,000 s/f flex facility.
Financing was based on a 7-year term with a 25-year amortization schedule and was arranged for the borrower by NorthMarq through its correspondent relationship with Sun Life of Canada. Cotsalas said, "Sun Life structured a prepayment flexibility in years 6 and 7 in order to accommodate a likely sale."