Northmarq’s Westchester office arranges $16 million loan for East Orange Class-A new construction multifamily property
WESTCHESTER, NEW YORK (May 11, 2022) – Robert Ranieri, managing director of Northmarq’s Westchester office, arranged $16 million permanent loan through Fannie Mae for The Harrison, a 103-unit multifamily property in East Orange, New Jersey. The Class-A property, which leased up before construction was complete, contains a mix of studio, one-bedroom and two-bedroom apartments.
According to Ranieri, he was able bid on the financing while construction was being finished. “The property leased up so quickly that we were able to finance under standard Fannie Mae program. The loan was rate locked during a highly volatile time period. This is a Class-A apartment complex that stands out from competing properties in the area.”
The apartments feature private balconies, stainless steel appliances, walk-in closets, high ceilings and oversized windows. The property, located two blocks from the New Jersey Transit Station, has an amenity package that includes laundry facilities, a fitness center and package room.
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