Westbury, N.Y.--Ernest DesRochers, senior vice president and managing director of NorthMarq Capital’s New York City regional office, and Charles Cotsalas, senior vice president and senior director of NorthMarq’s Long Island office, arranged first mortgage refinancing of $18 million for The Park Atrium, a 116,943 sq. ft. office building located at 865 Merrick Street in Westbury, N.Y.
Financing was based on a 5-year term and a 30-year amortization schedule and was arranged for the borrower by NorthMarq through its correspondent relationship with a national life insurance company.
This transaction was a refinance of an existing loan that was originated in 2006. The new loan facility allowed the borrower to recapture excess loan proceeds.