NorthMarq Capital’s Westchester office arranges $2.5 million supplemental financing of Castle Club Apartments in Morrisville, Pennsylvania
WESTCHESTER (June 22, 2017) – Robert Ranieri, senior vice president/ managing director of NorthMarq Capital’s Greater Westchester NY/CT regional office, arranged the $2,500,000 supplemental financing of Castle Club Apartments, an 158 unit multifamily property located in Morrisville, Pennsylvania. The transaction was structured with a 6-year term on a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with Freddie Mac. “The borrower purchased the property in 2013 and we provided acquisition financing. Over the past four years they have increased the value of the asset and we were able to fund a second mortgage to recoup some of their original equity,” said Ranieri.
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
