Northmarq’s White Plains office secures $2.4M refinance of mixed-use property
WHITE PLAINS, N.Y. (Sept. 13, 2023) — Robert Ranieri, senior vice president – managing director, arranged the $2.4M refinance of a 17-unit residential and retail property located on Second Avenue in New York, New York. The permanent financing was structured with a fully amortizing 30-year loan term. The interest rate is fixed for the first five years and then adjusts semi-annually. Northmarq arranged the loan for the borrower through a commercial bank.
“The lender provided a low cost debt option with a flexible prepayment structure along with a smooth closing process for a long-time Northmarq borrower,” Ranieri said.
Built in 1915, the property is situated in the popular Yorkville neighborhood on the Upper East Side of Manhattan. The five-story walk-up building consists of 16 studio apartment units located above the street level retail space. The bustling location has a walk and transit score of 100 out of 100, with transportation options including easy access to the recently opened Second Avenue subway lines as well as the number 4, 5 and 6 subway lines only 0.3 miles from the property. Other nearby attractions include museums, Central Park, shopping and numerous dining establishments.
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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 a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. For more information, visit www.northmarq.com.
