Multifamily - Debt

NorthMarq’s White Plains office completes $9.4 million refinance of Hidden Creek Townhomes in Rochester, New York

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.”

Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales and loan servicing. We combine industry-leading capabilities with a flexible structure, enabling our national team of experienced professionals to create innovative solutions for clients. Our solid foundation and entrepreneurial approach have built an annual transaction volume of more than $37 billion and a loan servicing portfolio of nearly $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq introduces clients to expanded opportunities across all major asset classes.