NorthMarq Capital announced this month that it had arranged $18 million in financing for The Park Atrium in Westbury, New York to refinance an existing loan originated in 2006. 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. Ernest DesRochers, Senior Vice President and Managing Director at NorthMarq, noted in a statement that the new loan facility allowed the borrower to recapture excess loan proceeds.
The Park Atrium is a 116,943 square foot office building located at 865 Merrick Avenue The Class A building was originally constructed in 1971 The building was recently renovated including upgrades to include banking, a conferencing facility, renovated atrium and Armor Traction elevators. Park View Atrium is conveniently located in Westbury, NY, only a five minute walk to the Westbury train station, with bus lines stopping in front of the building, and a hotel nearby.
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