NorthMarq’s White Plains office arranges $7.5 million refinance of senior housing property in Mount Vernon, New York
WHITE PLAINS, NEW YORK (August 12, 2019) – Robert Ranieri, senior vice president/managing director of NorthMarq’s White Plains-based regional office, finalized the $7.5 million refinance of Lohman Village. The 31-unit senior housing property is located at 1 Wartburg Place in Mount Vernon, New York. NorthMarq arranged the permanent fixed rate loan for the borrower through its relationship with the lender, PCSB Bank. The transaction was structured with a 7-year term on a 30-year amortization schedule.
Located on the beautifully landscaped 34-acre Wartburg campus, Lohman Village features 31 one- and two-bedroom step-free townhomes with parking right at the door. Each unit comes with a full kitchen and bathroom, in-home washer and dryer, spacious four-season Florida room and large walk-in closets.
“NorthMarq was able to negotiate a low fixed rate transaction with a renewal option to allow Wartburg to lower their rate and borrow funds for future development on the campus,” said Ranieri.
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
