WHITE PLAINS, NEW YORK (September 20, 2022) – Robert Ranieri, senior vice president/managing director of Northmarq’s White Plains debt/equity office, arranged refinancing of $9 million for Tireno Towers. The transaction was structured with a 10-year term with 1-year interest only and a 30-year amortization schedule. Northmarq secured financing for the borrower through a regional bank.
“The borrower was interested in a short-term bank loan with a flexible prepayment. We went to numerous New Jersey banks for the best deal for this strong, locally based client. We had many options and were able to get the client the best mix of rate, proceeds and fees,” said Ranieri.
Tireno Towers, constructed in the late 1960’s, is a 54-unit mid-rise building offering a mix of studio, 1-bedroom and 2-bedroom units. Amenities at the property include balconies, laundry facilities on each floor and covered and surface parking. Three former office suites are in the process of being converted to four additional apartment units. The lobby is also being completely renovated.