NorthMarq Capital arranged $6 million mortgage for Beech Spring Apartments in Summit, New Jersey
Beech Spring Apts
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.
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Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
