Northmarq arranges $3 million second mortgage for independent senior housing in Mount Vernon, NY
MOUNT VERNON, N.Y. (Nov. 20, 2024) — Robert Ranieri, senior vice president and managing director of Northmarq’s Greater White Plains regional office, arranged the $3 million second mortgage financing for Lohman Village — a 31-unit, one-story independent living senior housing facility located in Mount Vernon, New York. The property is located within the 34-acre Wartburg Residential Community, which features assisted living, memory care, rehabilitation and other senior care services.
The supplemental financing was structured to run coterminous with the existing first mortgage. Northmarq arranged the loan for the borrower through a commercial bank.
“The existing lender was willing to offer additional proceeds in the form of a second mortgage, given the increase in equity since the closing of the original loan,” Ranieri said.
Lohman Village is part of a larger senior care campus known as Wartburg. Lohman Village is situated on approximately 6 acres of the 34-acre community and is the sole Independent Living Facility on the campus.
Lohman Village is comprised of 31 total units with 25 one-bedrooms and 6 two-bedroom units. The step-free townhomes include parking located right at the unit entrances. Each unit features a full kitchen and bathroom, in-home washer and dryer, and large walk-in closets.
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