NORTHMARQ CAPITAL ARRANGES LOAN FOR MULTIFAMILY PROPERTY

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GREENPOINT, N.Y. — Charles Cotsalas and Ernest DesRochers of NorthMarq Capital’s Long Island Regional office have arranged first mortgage construction/permanent financing in the amount of $2 million for 760-764 Manhattan Ave. in Greenpoint. The property is a mixed-use multifamily property containing six two-bedroom units and three one-bedroom units, as well as six ground floor retail rental units. Construction financing was for 18 months with an option to convert to a fixed-rate permanent for 5 years with a 25-year term amortization schedule upon stabilization. The loan was arranged by NorthMarq through its relationship with a local savings bank.

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