WHITE PLAINS, NEW YORK (April 24, 2019) – Robert Ranieri, senior vice president/managing director of NorthMarq’s White Plains-based regional office arranged the $16 million refinance of Village Manor, a 227-unit multifamily property located on Adams Street in Nutley, New Jersey. The transaction was structured with a 10-year term on a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with Freddie Mac.
The garden-style complex featuring one and two bedroom units is located near Route 3 in the center of Nutley, New Jersey. The property benefits from close proximity to retail shopping, restaurants, recreation, post office and town hall—all within a few blocks. Village Manor’s location offers easy access to major highways and close proximity to public transportation. Community amenities include laundry facilities, 24-hour on-site maintenance and assigned surface and garage parking.
“This was a low-leverage refinance of an existing Freddie Mac loan with a long-term NorthMarq Freddie Mac borrower,” said Ranieri. “Freddie Mac and NorthMarq always recognize the importance of repeat business with quality clients.”