NewStar Financial Closes $10,760,000 Loan on One Merrick Avenue in Westbury, NY
NorthMarq Capital Advises Michael Ambrosino
Boston, MA December 19, 2007 NewStar Financial, Inc. (NASDAQ:NEWS), a Boston-based specialty finance company, announces it has provided $10,760,000 in non-recourse, first mortgage loan financing on One Merrick Avenue, a one-story, professional office building in Westbury, New York. The Borrower is 1 Merrick LLC, which is owned by Michael Ambrosino, owner and President of Ambrosino Consultant Corporation.The Sponsors will use the NewStar loan to acquire the vacant building and transition the space for medical and professional office use as well as cover renovations and leasing costs. The planned capital improvements include installation of exterior canopies and doors at each tenant suite, parking lot enhancements, aesthetic improvements, and upgrades to the life safety systems. NorthMarq Capital of Long Island acted as the exclusive financial advisor to the borrower. Chuck Cotsalas, Principal of NorthMarq said, "We selected NewStar since they understand renovation and lease up risks. NewStar was very responsive to the borrower's specific need for a loan structure that funded not only additional capital necessary to complete the improvements but also accommodated future leasing."The new owners have selected John A. La Ruffa, SIOR, Senior Director of NAI Long Island, as their exclusive leasing broker. "The property offers tenants private entrances from the exterior, individual tenant controlled HVAC and electric, low loss factor, a 5 car per 1000 square foot parking ratio and easy access to all major roadways, ideal for medical and professional offices," said Mr. La Ruffa.The loan facility was structured with a 2-year term and two one-year extension options. NewStar provided flexible prepayment options to allow the borrower to refinance the property upon stabilization. NorthMarq Capital will provide loan servicing for NewStar.NewStar's deal team for the transaction included Jim Korinek, Carolyn Pianin, Jake Clapton, Scott McIsaac and Evan Turner. NorthMarq Capital's team was led by Charles Costales and Ernie DesRochers.About NewStar Financial, Inc.:
NewStar Financial is a specialized commercial finance company focused principally on meeting the complex financing needs of customers in the middle market through our corporate, commercial real estate, and structured products groups. Our senior banking teams call directly on customers to provide advice and finance a range of strategic transactions that may require some combination of senior secured, second lien and mezzanine financing. NewStar typically works with customers with financing needs of up to $150 million and cash flow as low as $5 million. We target 'hold' positions of up to $35 million, but may also underwrite or arrange transactions up to $100 million for syndications to other lenders.
We are headquartered in Boston MA, with regional offices in Darien CT, Chicago IL, San Francisco CA, San Diego CA, and Charleston SC. In December of 2006, NewStar completed an Initial Public Offering. The Company's shares trade on the NASDAQ under the ticker symbol, NEWS. Please visit our website at www.newstarfin.com
for more detailed transaction and contact information.
Anne G. Bork
Gaffney Bennett Public Relations