Mixed Use - Debt


NorthMarq completes $7 million refinance consisting of a $5 million first mortgage and $2 million line of credit for New York City mixed-use property

WHITE PLAINS, NEW YORK (February 17, 2020) – Robert Ranieri, senior vice president/managing director of NorthMarq’s White Plains, New York office arranged the $7 million refinance of a 12,636 sq. ft. mixed-use property, located at 301 East 84th Street in New York, New York. The transaction consists of a $5 million first mortgage and $2 million line of credit. 

“The existing lender was willing to increase the line of credit and provide a new first mortgage in order for the client to pursue additional real estate development,” said Ranieri. “The property contains 25 residential units and one ground floor commercial unit.” 

Financing Details:
– 15-year term permanent fixed rate loan with 1-year interest only and 29-year amortization schedule
– 5-year term interest only floating rate line of credit
– NorthMarq arranged the financing for the borrower through its relationship with PCSB Bank.

 

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 more than $14 billion, loan servicing portfolio of more than $61 billion and the multi-year tenure of our nearly 600 people.