Multifamily - Debt

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.”

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.