Senior Housing - Debt

NorthMarq Capital

NorthMarq Capital’s Westchester office arranges $2 million second mortgage of independent living community in Mount Vernon, New York

WESTCHESTER (May 2, 2018) – Robert Ranieri, senior vice president/managing director of NorthMarq Capital’s Westchester regional office arranged the $2 million second mortgage of Lohman Village, a 31-unit adult care facility property located at 1 Wartburg Place in Mount Vernon, New York. The wheel-chair accessible property enjoys both the community accessible services in lower Westchester, as well as access to cultural activities of New York City. The transaction was structured with a 3-year term (coterminous with the first mortgage) followed by a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with NorthEast Community Bank.

The property contains the following amenities: Residential activities at community pavilion (birthday parties, yoga and life-long learning opportunities), washer/dryer in each cottage, full applianced kitchens, easily accessible bathrooms with step free showers, stone wood burning fireplaces, beauty parlor, full-time program director, scheduled transportation, assigned parking spaces, culinary institute trained chef, bi-weekly housekeeping and exclusive use of private clubhouse.

“The borrower was seeking a second mortgage to perform upgrades to the property,” noted Ranieri. “The existing lender worked quickly to get the loan approved so the borrower could begin work. It was a very smooth and pleasant transaction.”

As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of $13 billion, loan servicing portfolio of more than $57 billion and the multi-year tenure of our more than 500 people.