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.
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
