Northmarq’s White Plains office secures $2.4M refinance of mixed-use property

WHITE PLAINS, N.Y. (Sept. 13, 2023) — Robert Ranieri, senior vice president – managing director, arranged the $2.4M refinance of a 17-unit residential and retail property located on Second Avenue in New York, New York. The permanent financing was structured with a fully amortizing 30-year loan term. The interest rate is fixed for the first five years and then adjusts semi-annually. Northmarq arranged the loan for the borrower through a commercial bank.

“The lender provided a low cost debt option with a flexible prepayment structure along with a smooth closing process for a long-time Northmarq borrower,” Ranieri said.

Built in 1915, the property is situated in the popular Yorkville neighborhood on the Upper East Side of Manhattan. The five-story walk-up building consists of 16 studio apartment units located above the street level retail space. The bustling location has a walk and transit score of 100 out of 100, with transportation options including easy access to the recently opened Second Avenue subway lines as well as the number 4, 5 and 6 subway lines only 0.3 miles from the property.  Other nearby attractions include museums, Central Park, shopping and numerous dining establishments.