NorthMarq Capital arranged $6.1 million mortgage for Birch Brook Manor in Ossining, New York
Birch Brook Manor
WESTCHESTER, NY (January 8, 2013) – Robert W. Ranieri, senior vice president and managing director of NorthMarq’s Greater Westchester NY/CT Regional office, arranged first mortgage refinancing of $6.1 million for Birch Brook Manor, a 79-unit market-rate multifamily property located at 81-89 South Highland Avenue in Ossining, New York. Financing was based on a 7-year term plus a 3-year extension option and a 30-year amortization schedule. NorthMarq arranged this financing for the borrower, Birch Brook Manor, Inc., through its relationship with a local bank. “The loan was done with a local bank that was able to offer a flexible prepayment option along with a 3-year extension option,” said Ranieri.
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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.
