Multifamily - Debt

NorthMarq Capital

NorthMarq Capital arranged $6 million mortgage for Beech Spring Apartments in Summit, New Jersey

WESTCHESTER, NY (January 8, 2013) – Robert W. Ranieri, senior vice president and managing director of NorthMarq’s Greater Westchester NY/CT Regional office, arranged first mortgage refinancing of $6 million for Beech Spring Apartments, a 53-unit market-rate multifamily property located at 6 Beech Spring Drive in Summit, New Jersey. Financing was based on a 10-year term and a 30-year amortization schedule and was arranged for the borrower, Fortune Properties-Summit, LLC and Roselle Apartments-Summit, LLC, by NorthMarq through its seller-servicer relationship with Freddie Mac.

NorthMarq Capital, the largest privately held commercial real estate financial intermediary in the U.S., provides debt, equity and commercial loan servicing through over 300 mortgage banking professionals in regional offices coast-to-coast and services a loan portfolio of more than $52 billion. In select markets, the company offers multifamily and manufactured housing investment sales through NorthMarq Multifamily. As a leader in capital solutions through long-term relationships with life companies, CMBS platforms and local, regional and national banks, the company also has a long track record of multifamily loan origination through Freddie Mac, Fannie Mae and FHA/HUD. For more information please visit www.northmarq.com.