Northmarq arranges $400,000 refinancing of development site in Fort Lee, New Jersey
WHITE PLAINS, NEW YORK (Jan. 4, 2024) — Northmarq’s Robert Ranieri, senior vice president/managing director of the White Plains office, arranged the $400,000 refinancing of a 7,500 sq. ft. site for a planned new two-family dwelling. Located on Tom Hunter Road in Fort Lee, the property currently contains a vacant 2,260 sq. ft. single family home. The floating rate transaction was structured on a two-year, interest-only term. Northmarq secured the bridge loan for the borrower through its relationship with a regional bank.
“This local bank loan was a refinance of an existing loan with a Northmarq client that we have done four loans with,” said Ranieri. “The bank will eventually provide a construction loan to build a two-family home in the highly desirable area of Fort Lee, New Jersey.”
The borrower plans to demolish the existing structure and develop the property into a modern, three-story, two-family home. Each unit will feature three bedrooms, 3.5 bathrooms, a modern open floorplan as well as a bonus family space, bedroom/office and bathroom on the ground level. Improvements will include a rear deck, attached two-car garages and extensive landscaping. Plans for the construction project were approved in January 2021.
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