October 20, 2017

NorthMarq Capital arranges supplemental financing for Saxony Towers in Jackson Heights, New York

Saxony Towers

Debt & Equity

Multi-Tenant

GREATER WESTCHESTER NY/CT (October 20, 2017) – Robert Ranieri, senior vice president/managing director of NorthMarq Capital’s Greater Westchester NY/CT regional office, arranged supplemental financing for Saxony Towers, a 330-unit cooperative apartment property located on 34th Avenue in Jackson Heights, New York. The transaction was structured with a 4.75-year term on a 30-year amortization schedule. NorthMarq arrange financing for the borrower, Saxony Towers Realty Corp., through its seller/servicer relationship with Freddie Mac. “The co-op was interested in repairs at the building,” noted Ranieri. “Freddie Mac provided a coterminous second mortgage. Unlike a line of credit, the co-op did not need to pay for the use of these funds until they needed them.”

Available Multifamily properties

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.