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.
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.
