NEWARK, NJ — Charles Cotsalas, senior vice president of NorthMarq’s Long Island office arranged the $8 million financing of an office property located at 31 Clinton St. in Newark.
- 15-year, self-liquidating fixed rate loan at 3.72%
- Non-recourse (entity only)
- NorthMarq arranged the financing for the borrower through its relationship with one its Correspondent Life Insurance Companies
- John McDonagh, principal at Clatter Realty, acted as the mortgage broker
“This aggressively priced long term fixed rate financing provided the working capital to make the necessary capital improvements without the borrower coming out of pocket. This was the third time the borrower refinanced with NorthMarq’s exclusive relationship with Lincoln Financial.”