NorthMarq’s White Plains office negotiates construction financing of $10 million for multifamily property in North Arlington, New Jersey

WHITE PLAINS, NEW YORK (June 18, 2020) – Robert Ranieri, senior vice president/managing director of NorthMarq’s White Plains office negotiated construction financing of $10 million for Opus. The 49-unit multifamily property will be located on Ridge Road in North Arlington, New Jersey. The transaction was structured with an 18-month interest-only term. NorthMarq arranged financing for the borrower through its relationship with a local bank. 

“This transaction was started pre-COVID but we were able to get the loan approved and closed during the pandemic,” said Ranieri. “The project will be a high quality apartment and the Town of North Arlington was very receptive. It will draw tenants from the area as well as those who currently reside in New York City and want a lower density housing option.”