Northmarq arranges $5 million refinance of two multifamily properties in Vestal, New York
WHITE PLAINS, NEW YORK (August 3, 2022) –Robert Ranieri, senior vice president/managing director of Northmarq’s White Plains debt/equity office, negotiated the $5 million refinance for two 3-story properties (built in 1980-1985) that contain a combined 192 units.
Holly Brook Apartments (104 units) is located at 3113-3141 Burris Road and The Meadows (88 units) is located at 431-435 Plaza Drive in Vestal, New York. The transaction was structured with a 5-year term on a 25-year amortization schedule. Northmarq arranged the permanent-fixed loan for the borrower through its relationship with a credit union. The properties feature a mix of spacious one-, two- and three-bedroom units, many with balconies or patios.
“This was a maturing loan and the borrower wanted a flexible prepay structure,” said Ranieri. “A local credit union was able to provide a competitive 5-year quote with no prepayment penalty.”
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
