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.