Ernest DesRochers, senior vice president/managing director and Charles Cotsalas, senior vice president/senior director of NorthMarq Capital’s New York metro office arranged the $10.8 million refinance of 425 Broad Hollow Road, a 111,700 s/f office property located in Melville, New York.
The transaction was structured with a 5-year term and 30-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a national bank.
The loan included both a permanent piece and interest only facility for future improvements.
”The credit facility that was arranged by NorthMarq on behalf of the borrower will be used to reposition the asset,” said DesRochers. “Planned work includes extensive common area and tenant improvements.”