Ernest DesRochers, senior vice president and managing director, and Deanna Polizzo, vice president, in NorthMarq Capital, Inc.'s Greater Westchester NY/CT regional office, cooperated to arrange first mortgage financing of $5.5 million for 53 New Church Rd.
Financing for the 65,000 s/f industrial property was based on a 10-year term with a 30-year amortization schedule and was arranged for the borrower, 53 Church Hill Road, LLC, through NorthMarq's relationship with Goldman Sachs.
According to Polizzo, the capital structure included an aggressive first mortgage loan from the senior lender as well as preferred equity provided by the seller. The combination of both provided the client with an excellent short-term return and the potential for excellent long-term upside. She said, "The loan was acquisition financing for the borrower, who acquired the property in an off-market transaction from the seller."