Northmarq arranges $16.9M Freddie Mac refinancing for two multifamily properties in Milford, CT
WHITE PLAINS, N.Y. (Oct. 22, 2024) — Robert Ranieri, senior vice president and managing director of Northmarq’s Greater White Plains regional office, arranged financing for two multifamily properties in Milford, Connecticut. The two properties, Milford Beach Apartments and Newport Apartments, received refinancing totaling a combined $16.9 million.
Each fixed rate transaction was structured with a five-year interest-only term. Northmarq arranged financing for the borrowers through its Optigo status as a Freddie Mac lender.
“The client is a long time Northmarq multifamily borrower, and we have refinanced this property several times,” Ranieri said. “This refinance is mission-driven business and provides affordable housing in the local market.”
Milford Beach Apartments, a 244-unit multifamily property located within walking distance from Walnut Beach in Milford, Connecticut, received refinancing of $13 million. The garden style property, constructed in 1968, features a mix of one- and two-bedroom units in seven buildings on approximately 16.845 acres.
Newport Apartments, a 160-unit multifamily property located along Robert Treat Drive in Milford, Connecticut, received refinancing of $3.9 million. The garden style property, constructed in 1970, features a mix of one- and two-bedroom units in six buildings on approximately 8.676 acres.
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