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.