NORTHMARQ ARRANGES TWO LOANS TOTALING $8.88 MILLION
NEW YORK CITY AND BLOOMFIELD, N.J. — NorthMarq Capital has arranged two loans for a total of $8.88 million. In the first transaction, Rob Hervey and Ernest DesRochers of NorthMarq secured $7.5 million in first-mortgage financing for the Union Square Theater in New York City. The property totals 37,791 square feet, and The New York Film Academy is the primary tenant. The loan carries a 5-year term and a 20-year amortization schedule. The lender was Sun Life of Canada. In the second transaction, NorthMarq’s Robert Ranieri arranged a total of $1.38 million for the refinancing of Franklin Hill Apartments, a 65-unit property located in Bloomfield. The financing comprises a $1.13 million first-mortgage with a 10-year term and a 10-year amortization schedule as well as a $250,000 line of credit with a 1-year, interest-only term. The borrower was Gallinson Associates, and the lender was North Jersey Community Bank.