NorthMarq Capital’s Westchester office secures $16 million refinance of Springvale Apartments in Croton-on-Hudson, NY

GREATER WESTCHESTER NY/CT (December 16, 2016) – Robert W. Ranieri, senior vice president/managing director of NorthMarq Capital’s Greater Westchester New York/Connecticut-based regional office arranged the $16 million refinance of Springvale Apartments, a 524-unit age restricted multifamily property located at Skytop Drive in Croton-on-Hudson, New York. The transaction was structured with a 15-year term on a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its seller/servicer relationship with Freddie Mac. “The loan was a refinance of an existing Freddie Mac loan,” said Ranieri. “Freddie Mac was able to not only lower the rate significantly, but also reduce a portion of the prepayment penalty. The borrower was able to lock into a 15-year deal at a very attractive rate.”