CORTLAND AND NEW YORK, N.Y. — NorthMarq Capital has arranged two New York multifamily loans for a total of $6.61 million. In the first transaction, Scott DeVinney of NorthMarq's Upstate New York office secured $3.61 million in first-mortgage financing for Village Terrace Apartments, a 96-unit property located in Cortland. The loan carries a 10-year term and a 25-year amortization schedule. The borrower is undisclosed, and the lender is a federal credit union. In the second transaction, Craig Bjornsund of NorthMarq's New York Metro office arranged $3 million in first-mortgage financing for a retail and residential property located at 45 W. 55th St. in New York City. The property includes 7,835 square feet of retail space and 11 residential units. The loan carries a 3-year term and a 25-year amortization schedule. The borrower was Double E Realty, and the lender was Sun Life of Canada.
Village Terrace Apartments is a 96-unit multifamily property located in Cortland, N.Y.
NORTHMARQ ARRANGES TWO LOANS TOTALING $6.61 MILLION
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