NorthMarq Capital’s Westchester office arranges $2.5 million supplemental financing of Castle Club Apartments in Morrisville, Pennsylvania
Castle Club Apts
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.
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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.
