NEW YORK—Cinema 123, located at 1001-1007 Third Avenue, has received a first mortgage refinancing totaling $15 million. Robert Hervey, executive vice president and managing director of NorthMarq’s Los Angeles regional office, and Ernest DesRochers, senior vice president and managing director of NorthMarq’s New York Metro Regional office, cooperated to arrange the deal.
This 15,800-sq.-ft. asset is a three-screen theater plus development rights. Financing was based on a one-year interest-only term plus extensions. NorthMarq arranged the financing for the borrower through its relationship with a regional bank.
“The borrower had a maturing loan and multiple purchase offers,” said Hervey. “The bank provided a loan structure that allows the borrower to complete the transaction and sufficient time to secure new financing should the sale fail to close.”