NorthMarq Capital’s Westchester office arranges $2.5 million supplemental financing of Castle Club Apartments in Morrisville, Pennsylvania
WESTCHESTER (June 22, 2017) – Robert Ranieri, senior vice president/ managing director of NorthMarq Capital’s Greater Westchester NY/CT regional office, arranged the $2,500,000 supplemental financing of Castle Club Apartments, an 158 unit multifamily property located in Morrisville, Pennsylvania. The transaction was structured with a 6-year term on a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with Freddie Mac. “The borrower purchased the property in 2013 and we provided acquisition financing. Over the past four years they have increased the value of the asset and we were able to fund a second mortgage to recoup some of their original equity,” said Ranieri.
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