NorthMarq secures $29.999 million financing; transactions by Graf, Whipple, Polizzo, DesRochers, Cotsalas, Ranieri and Robertson of Northmarq

According to NorthMarq Capital, the following transactions have been closed: Thomas Graf, vice president, and Bruce Whipple, vice president, in NorthMarq Capital's New York Metro Regional office, arranged first mortgage financing in the amount of $1.25 million for 225 Westchester Ave. The mixed-use property contains 12,865 s/f of office space plus an 8,000 s/f restaurant for a total of 20,865 s/f. Financing was based on a five-year term with a 25-year amortization schedule and was arranged for the borrower, Weissman Management Corp. by NorthMarq through its relationship with a private New York-based bank. According to Graf, the loan was closed at an extremely favorable rate, reflected by a 6.125% coupon on a non-recourse basis. Graf said, "In late 2008, we closed a $20.5 million loan on an office condominium property in Philadelphia where the owner was a partner and we were pleased to work again with Weissman Management on this assignment. In another transaction, Deanna Polizzo, vice president, and Ernest DesRochers, senior vice president and managing director of NorthMarq Capital's New York Metro office, arranged $3.15 million in first mortgage financing for 11 Marshall Rd. in East Fishkill. Otherwise known as Hollowbrook Office Park, the property contains two office buildings totaling 51,000 s/f. This well-known office property was recently updated making it attractive to the primary tenants, Dutchess Community College and the Department of Motor Vehicles. Financing was based on a 10-year term with a 30-year amortization schedule and was arranged for the borrower by NorthMarq through its relationship with a regional bank. Polizzo said, "The combination of the strong tenancy, location and borrower created a solid loan for the lender." On Long Island, Charles Cotsalas, senior vice president and senior director, and DesRochers, in NorthMarq's Long Island Regional office, arranged first mortgage construction, permanent financing in the amount of $2 million for 760-764 Manhattan Ave. located in Greenpoint. The property is a mixed-use multifamily property containing nine residential units and six ground floor retail rental units. Construction financing was for 18 months with an option to convert to a fixed-rate permanent for five years with a 25-year term amortization schedule upon stabilization and was arranged for the borrower by NorthMarq through its relationship with a local savings bank. According to Cotsalas, during construction the lender was willing to fund the income shortfall despite macroeconomic concerns, underwriting issues and construction risks, recognizing the value creation and the inherent value in this well-located real estate. As an extra benefit, NorthMarq negotiated an additional funding at the time of conversion to permanent financing. Lastly, Robert Ranieri, senior vice president and managing director of NorthMarq Capital's Services Group East and Jeffrey Robertson, senior vice president and managing director of NorthMarq Capital's Miami Regional office, arranged both the sale of and first mortgage financing for Pebblebrook Apartments, a 486-unit multifamily property, in New Britain, Conn. The property was purchased for $28.64 million. Financing of $23.599 million was based on a 10-year term with a 30-year amortization schedule with one-year interest only and was arranged for the borrower by NorthMarq through its Seller-Servicer relationship with Freddie Mac. According to Ranieri, NorthMarq brokered the sale of the property and provided 80% first mortgage financing. He said, "NorthMarq was able to play a vital role in this transaction satisfying the needs of two very important existing customers. One client wished to sell one of their non-core assets. We were able to negotiate a fair price and procure 80% acquisition financing to consummate the sale." NorthMarq offers a full range of commercial real estate solutions across the country from its headquarters in Minneapolis, Minn. The NorthMarq Capital Group offers commercial real estate investment banking, investment sales, real estate debt and equity financing, and commercial loan servicing in 32 offices coast-to-coast, averaging $10 billion in annual production volume and servicing a loan portfolio of more than $37 billion. NorthMarq Real Estate Services provides brokerage, property management and healthcare advisory services to investors and space users, and through its Corporate Solutions division, provides mid-size corporate users real estate services nationwide. For more information, please visit www.northmarq.com.