NorthMarq Capital arranges supplemental financing for Saxony Towers in Jackson Heights, New York
Saxony Towers
GREATER WESTCHESTER NY/CT (October 20, 2017) – Robert Ranieri, senior vice president/managing director of NorthMarq Capital’s Greater Westchester NY/CT regional office, arranged supplemental financing for Saxony Towers, a 330-unit cooperative apartment property located on 34th Avenue in Jackson Heights, New York. The transaction was structured with a 4.75-year term on a 30-year amortization schedule. NorthMarq arrange financing for the borrower, Saxony Towers Realty Corp., through its seller/servicer relationship with Freddie Mac. “The co-op was interested in repairs at the building,” noted Ranieri. “Freddie Mac provided a coterminous second mortgage. Unlike a line of credit, the co-op did not need to pay for the use of these funds until they needed them.”
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Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
