Ernest DesRochers, senior vice president/managing director of NorthMarq Capital’s New York metro office and Charles Cotsalas, senior vice president/senior director of NorthMarq Capital’s Long Island office collaborated to arrange financing for a four retail-property portfolio in Suffolk County, Long Island and a retail plaza in Dix Hills, New York totaling a combined $12.9 million.
Dix Hills Plaza: This 51,820 s/f retail property is located at 1815-1819 East Jericho Turnpike in Dix Hills, New York and was refinanced for $8.5 million.
DIX HILLS PLAZA
The transaction was structured with a 9-year term and 25-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a local bank.
“The lender structured the loan without any prepayment premium to allow maximum flexibility for the borrower with respect to sale or future refinance,” noted DesRochers.
A four property portfolio of retail properties, located in Suffolk County, Long Island was refinanced at $4.4 million. The buildings contain a combined 131,005 s/f The transaction was structured with a fully amortizing 18-year term. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company.
“The borrower has a long and proven track record in the Long Island industrial market,” said DesRochers.
