WESTCHESTER (January 16, 2014) – Robert W. Ranieri, senior vice president and managing director of NorthMarq Capital’s Greater Westchester NY/CT regional office arranged refinancing for two multifamily properties: Scott Gardens & PR Scott Apartments and Realm Boca Raton.
-Scott Gardens & PR Scott Apartments, located at Stonefield Drive, Waterbury, Connecticut, contains 276 units. Financing for the $8.58 million transaction was structured with a 10-year term with 1-year interest only, then a 30-year amortization schedule and was arranged for the borrower, Scott Gardens LLC & P. R. Scott LLC through NorthMarq’s seller/servicer relationship with Freddie Mac. “This was a refinance of an existing Freddie Mac loan that was nearing its maturity,” said Ranieri. “Freddie Mac provided an attractive refinance option for 10 years with some interest only.
-Realm Boca Raton, located at SW 12th Street, SW 2nd Avenue and SW 1st Avenue, Boca Raton, Florida, contains 102 units. Financing for the $6.968 million permanent loan was structured with a 7-year term and 30 year amortization schedule for the borrower, BG Camino Apartments, LLC. through NorthMarq’s seller/servicer relationship with Freddie Mac. “The loan was the conversion of a floating rate Freddie Mac loan into a fixed rate Freddie Mac execution,” said Ranieri. “The borrower purchased the property two years ago, invested significant cap-ex and was able to increase the value of the property. The permanent loan resulted in the return of the majority of their equity in the property.”
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