Chuck Cotsalas, senior vice president/senior director in Northmarq’s Long Island office, and Robert Delitsky, senior vice president/managing director in New York City’s office, have arranged a $26 million loan secured through Luxury Apartments located in East Harlem, New York. The 11-story multifamily property contains 90 residential units, ground floor retail and on-site parking.
The refinance was structured as a 20-year fixed rate loan at 5.41% coupon with a 25-year amortization schedule. Northmarq secured the permanent loan for the borrower through its correspondent relationship with Nationwide Life Insurance Company. “This long-term financing provided the borrower the structure and the solution for the future sunsetting of a 421-A tax abatement. Additionally, Northmarq’s defeasance team’s knowledge and expertise was noted by the borrower, greatly simplifying the closing process.” said Cotsalas.
“We appreciate the recommendation to go with Northmarq’s defeasance team” the borrower’s counsel stated. “As with all of these tangential parts of a closing, the most important thing is that the team knows what they are doing and makes the process easier which as you know is not always the case.”
