NorthMarq’s White Plains office arranges $25.5 million refinance of Pebblebrook Apartments in New Britain, Connecticut

WHITE PLAINS, NEW YORK (February 22, 2019) – Robert W. Ranieri, senior vice president/managing director of NorthMarq’s White Plains-based regional office, secured the $25.5 million refinance of Pebblebrook Apartments, a 486-unit multifamily property located on Brittany Farms Road in New Britain, Connecticut. The transaction was structured with a 10-year interest-only term. NorthMarq arranged financing for the borrower through its seller/servicer relationship with Freddie Mac. The property is conveniently located close to retail shopping including national and regional chains and offers easy access to Interstate 84 and Route 9.

Pebblebrook Apartments features renovated one and two bedroom units, most with private balconies, located in three elevator buildings situated on over 22 landscaped acres. Amenities include a swimming pool, tennis court, fitness center, laundry facilities and on-site parking.

 “This was a maturing Freddie Mac loan where Freddie Mac waived the prepayment penalty due and the borrower was able to lock into a 10-year interest-only deal,” noted Ranieri.