Northmarq’s Debt + Equity team successfully arranges $2.325M refinance for pair of apartments in Mount Vernon, NY

Northmarq’s White Plains Debt + Equity team led by Robert Ranieri successfully arranged the combined $2.325 million in refinancing for two low-rise apartment communities in Mount Vernon, New York. 

• 260 S 2nd Avenue
• 109 E 4th Street

Northmarq arranged the $1.5 million financing for 260 S 2nd Avenue and the $825,000 refinancing for 109 E 4th Street on behalf of the borrower through a relationship with Chase Bank. Both transactions were structured on five-year terms. 

“This was a new client for Northmarq and one of three deals we are doing to pay off a maturing loan with another local bank,” Ranieri said. “Our new lender’s program was more competitive than the refinance option offered by the existing lender.”

The 260 South Second Avenue apartments were built in 1930 and include 36 units. Built in 1925, 109 E 4th Street features 18 units.