Robert Ranieri negotiates financing of $1 million for mixed-use property in New York, New York
WHITE PLAINS, NEW YORK (July 24, 2019) – Robert Ranieri, senior vice president/managing director of NorthMarq’s White Plains regional office, arranged the $1 million line of credit for a mixed-use property on Manhattan’s Upper East Side. Located at 301 East 84th Street in New York, New York, the 12,636 sq. ft. property contains 25 apartment units and one ground floor commercial space. The transaction was structured with a 3-year interest-only term. NorthMarq arranged financing for the borrower through its relationship with the lender, PCSB Bank.
“The borrower was looking for a short-term line of credit for pre-development costs for current projects,” explained Ranieri. “The bank was happy to assist with the goal of future deals with the client.”
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