Northmarq completes $5 million refinance of student housing property in Fredonia, New York
WHITE PLAINS, NEW YORK (November 22, 2022) — Robert Ranieri, senior vice president/managing director of Northmarq’s White Plains-based regional office, arranged the $5 million refinance of Campus Edge at Brigham. The student housing property is a 169-unit apartment complex and is located adjacent to the State University (SUNY) at Fredonia in upstate New York. The transaction was structured with a 3-year term on a 25-year amortization. Northmarq secured the permanent-floating loan for the borrower through its relationship with a commercial bank.
Developed from 1950 to 1978, the Campus Edge at Brigham is comprised of 16 garden style apartment buildings on 13 park-like acres. The units feature 1-2 bedrooms and 1-2 bathrooms with private entrances. Amenities include on-site laundry facilities and off-street parking.
“The long term owners of the property had maturing CMBS debt and were looking for a shorter term bank deal to give them options over the next 2-3 years,” said Ranieri. “The local bank offered competitive non - recourse terms with flexible prepayment.”
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