NorthMarq Capital arranges three multifamily transactions in Pennsylvania totaling $61.475 million
Three Multifamily Transactions
GREATER WESTCHESTER NY/CT (February 16, 2015) – Robert W. Ranieri, senior vice president/managing director of NorthMarq Capital’s Greater Westchester NY/CT based regional office secured refinancing of a combined $61.475 million for Congress Apts, Quakertown West and Antietam Arms, three multifamily properties located in Pennsylvania. “NorthMarq and Freddie Mac were able to offer 80% cash out financing on a 7-year loan which was very competitive,” said Ranieri. “Freddie also held the spread during a very volatile interest rate market.” Congress Apartments: This 548 unit property, located at 1207 East Congress Street in Allentown, Pennsylvania received refinancing of $36.3 million. The transaction was structured with a 7-year term and 30-year amortization schedule. NorthMarq arranged financing for the borrower through its Seller-Servicer relationship with Freddie Mac. Quakertown West: This 264 unit property, located at 491 South Ninth Street in Quakertown, Pennsylvania received refinancing of $18.2 million. The transaction was structured with a 7-year term and 30-year amortization schedule. NorthMarq arranged financing for the borrower through its Seller-Servicer relationship with Freddie Mac. Antietam Arms: This 148 unit property, located at 850 Carsonia Avenue in Reading, Pennsylvania received refinancing of $6.975 million. The transaction was structured with a 7-year term and 30-year amortization schedule. NorthMarq arranged financing for the borrower through its Seller-Servicer relationship with Freddie Mac.
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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.
