Senior Housing - Debt

Northmarq completes $22 million refinance of mission-driven senior housing property in Croton-on-Hudson, New York

WHITE PLAINS, NEW YORK (August 3, 2022) –Robert Ranieri, senior vice president/managing director of Northmarq’s White Plains debt/equity office, completed the $22 million refinance of Springvale Apartments. The 31-building/524-unit 55+ senior housing property (built between 1956 and 1959) is located at 2-T Skytop Drive in Croton-on-Hudson, New York. The transaction was structured with 10-year term on a 30-year amortization schedule. Northmarq arranged the permanent-fixed loan for the borrower through its in-house Fannie Mae team. 

“The client is a long time Northmarq Multifamily borrower. This refinance was mission driven business and provides affordable housing for seniors in the high-cost suburban New York market,” said Ranieri. “Fannie Mae was very competitive in pricing in this volatile interest rate environment.  We were also able to utilize Northmarq’s in-house defeasance services for a smooth closing.”

The garden apartment complex for active adults 55 years and older is located in a beautiful 35-acre park-like setting overlooking the scenic Hudson River. The property offers a mix of floor plans spread among 31 buildings including one- and two-bedroom units as well as efficiencies and large studios.  Residents can take advantage of numerous activities and clubs at a community clubhouse (The Barn) which also has a library, exercise studio, games, kitchen and computer desk. Other amenities at Springvale include a gated dog run, miles of walkways, a monthly newsletter, on-site laundry facilities and free bus transportation to shopping twice a week.

Northmarq is an industry-leading capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales and loan servicing. We combine industry-leading capabilities with an open, flexible structure, enabling our team of seasoned professionals to create innovative solutions for clients. Our solid foundation and entrepreneurial approach have built an annual transaction volume of over $30 billion, and loan servicing of nearly $70 billion.