WESTCHESTER (August 2, 2018) – Robert Ranieri, senior vice president of NorthMarq Capital’s Westchester regional office, arranged refinancing of $700,000 for Lincolndale Plaza, a 5,377 sq. ft. retail property located in Somers, New York. The transaction was structured with a 10-year term with (5-year rate resets) on a 25-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a local bank.
“The borrower purchased the property in 2016 and was looking to take some money out for additional improvements. Flushing Bank provided a cash-out at an attractive rate,” said Ranieri.