Multifamily - Debt

NorthMarq’s White Plains office secures $7 million refinance of Montcalm Heights Apartments in Chicopee, Massachusetts

WHITE PLAINS, NEW YORK (September 9, 2019) – Robert Ranieri negotiated the $7 million refinance of Montcalm Heights Apartments. The property is located at New Ludlow Road and Montcalm Street in Chicopee, Massachusetts. 

Financing Details:
– 10-year term (5-years interest only)
– 30-year amortization schedule
– Permanent fixed-rate loan
– NorthMarq arranged the financing for the borrower through its relationship with Freddie Mac

Producer Quote:
“This was a refinance of an existing Freddie Mac loan with a long standing Freddie Mac borrower. The borrower lowered his interest rate while borrowing additional proceeds for property improvements.”

– Robert Ranieri

Property Details:
– 192 units set in two 4-story elevator buildings.
– Spacious studio, one-bedroom and two-bedroom units with on-site parking.
– Community amenities: Outdoor swimming pool, laundry facilities, picnic area with barbeque grills, landscaped courtyard, tenant storage units and a management/ leasing office. 

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.