Senior vice president in NorthMarq’s Long Island office, Charles Cotsalas arranged $8 million financing for an office property located at 31 Clinton St. in Newark, the firm announced.
The subject property is a 12-story office building occupied by the State of New Jersey, Office of the Public Defender. The tenant has occupied the site since 1991 and recently extended its lease for another 15 years.
NorthMarq arranged financing in the form of 15-year, self-liquidating fixed-rate loan at 3.72 percent, for the borrower through its relationship with one of 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,” said Cotsalas. “This was the third time the borrower refinanced with NorthMarq’s exclusive relationship with Lincoln Financial.”
The proceeds will be used for improvements including a new elevator, roof and HVAC control system, and facade repairs. The correspondent life company has maintained the collateral on their books for more than 20 years.