Craig Bjornsund, Senior Vice President and Managing Director of NorthMarq Capital’s New York Metro Regional office has arranged first mortgage refinancing in the amount of $5.7 million for the Paradise Theater at 2403-2419 Grand Concourse, Bronx, NY.
This historic theater contains 55,150 square feet and was recently renovated for live events. Financing was based on a 10-year term.
This transaction was arranged for the borrower, The First Paradise Theaters Corporation, by NorthMarq through its correspondent relationship with Symetra Life Insurance Company.
“Symetra was able to underwrite this unique property which is anchored by a well-known historic theater based on the strong track record of the borrower and the fact that a significant portion of the income comes from other, more typical commercial tenants,” said Bjornsund.
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