WHITE PLAINS, NEW YORK (September 14, 2020) – Robert Ranieri, senior vice president/managing director of NorthMarq’s White Plains office arranged the $9.4 million refinance of Hidden Creek Townhomes and Apartments. The 227-unit multifamily property is located on Charwood Circle in Rochester, New York. The transaction was structured with a 10-year term on a 30-year amortization schedule. NorthMarq secured financing for the borrower through its in-house Fannie Mae team.
Located in a beautiful wooded setting, Hidden Creek offers a mix of spacious one, two and three bedroom garden apartments and townhomes. Amenities include on-site laundry facilities, a 500 sq. ft. fitness center and garage parking.
“The loan was rate locked and closed during the pandemic,” said Ranieri. “The property had no tenant defaults due to COVID. Fannie Mae offered a 10 year interest only loan at a very competitive rate.”