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NEW YORK—NorthMarq Capital’s Ernest DesRochers and Charles Cotsalas, both senior VPs, have arranged first mortgage refinancing of $25 million for Melville Office Center, a 270,000-sq.-ft. office building, located at 445 Broad Hollow Road in Melville, N.Y.
Financing was based on a 10-year term with interest only for 12 months and 30-year amortization schedule through maturity. The loan was arranged by NorthMarq through one of its correspondent life company lenders.
“The lender on the transaction forward committed a sub 4 percent interest rate for a period of seven months prior to closing allowing the borrower to close within the open PAR period of the mortgage and avoiding a significant prepayment penalty,” said DesRochers.
