NORTHMARQ SECURES $11.47 MILLION FOR OFFICE, MULTIFAMILY PROPERTIES

GLEN ROCK, N.J., AND ROCHESTER AND CLIFTON PARK, N.Y. — NorthMarq Capital has secured a total of $11.47 million for three Northeast Properties. In Glen Rock, NorthMarq arranged $6.5 million in first-mortgage financing for a 60,500-square-foot office building located at 266 Harristown Rd. The loan carries a 5-year term and a 25-year amortization schedule. It was originated by Ernest DesRochers and Deanna Polizzo of NorthMarq’s New York Metro office on behalf of Glen Rock Property LLC. The lender was United Bank. In Rochester, Polizzo and Nancy Vanlsegham, of NorthMarq’s Upstate New York office, arranged $2.47 million in construction/permanent financing for the Kirstein Building. The six-story property is currently being redeveloped into a residential building that will contain 30 loft apartments and 7,600 square feet of first-floor retail space. Terms of the loan include a 30-year term and a 30-year amortization schedule. The borrower was 234-250 Andrews St. LLC and the lender was the Community Preservation Corp. Finally, in Clifton Park, Scott DeVinney of NorthMarq’s Upstate New York office originated $2.5 million in first-mortgage financing for the 111-unit Martindale Court. The loan carries a 7-year term and a 15-year amortization schedule. The borrower and lender were undisclosed.