Multifamily

NorthMarq Capital arranged $6.1 million mortgage for Birch Brook Manor in Ossining, New York

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 $6.1 million for Birch Brook Manor, a 79-unit market-rate multifamily property located at 81-89 South Highland Avenue in Ossining, New York. Financing was based on a 7-year term plus a 3-year extension option and a 30-year amortization schedule. NorthMarq arranged this financing for the borrower, Birch Brook Manor, Inc., through its relationship with a local bank. “The loan was done with a local bank that was able to offer a flexible prepayment option along with a 3-year extension option,” said Ranieri.

NorthMarq Capital, the largest privately held commercial real estate financial intermediary in the U.S., provides debt, equity and commercial loan servicing through its 36 offices across the U.S. The company has built long-term relationships with life companies, CMBS platforms and local, regional and national banks, with a long track record of multifamily loan origination through Freddie Mac, Fannie Mae and FHA/HUD. The company closes approximately $13 billion in commercial real estate loans annually and services a loan portfolio of more than $50 billion. For more information please visit www.northmarq.com.