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.”